Kazakhstan's national uranium producer, Kazatomprom, has highlighted significant difficulties in supplying natural uranium to Western markets due to sanctions imposed following the Ukraine conflict. This information was disclosed by Meirzhan Yusupov, Chairman of the Board at Kazatomprom, during an interview with the Financial Times (FT).
Yusupov noted that selling uranium to Asian markets is much more straightforward, with these partners capable of purchasing nearly the entirety of Kazatomprom's production. Despite this, the company remains committed to diversifying its customer base to avoid over-reliance on a single market.
As part of its diversification strategy, Kazatomprom is looking to expand its uranium shipments via the Trans-Caspian International Transport Route. This corridor connects China, Kazakhstan, the Caspian Sea, Azerbaijan, and Georgia, and extends into European countries, offering an alternative route to Western markets.
Kazatomprom's shares are traded in both Astana and London, emphasizing the company's global market presence.
In addition to the sanctions-related supply issues, Kazatomprom has revised its production forecasts. Last month, the company reduced its 2025 uranium output estimate by 17% and suspended its forecast for 2026. The adjustments were attributed to shortages of sulfuric acid, a key component in uranium extraction, along with delays in building surface facilities and infrastructure.
According to Kazatomprom’s most recent annual report, 49% of the company's uranium output was sent to the Asian market in the previous year, with 32% going to Europe and 19% to the U.S. Kazatomprom remains one of the world’s leading producers of natural uranium, accounting for 43% of global production in this sector.
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