National Atomic Company Kazatomprom and Switzerland’s Axpo Power AG, along with Kernkraftwerk Leibstadt AG (KKL AG), have signed their first-ever contract for the supply of Kazakh natural uranium concentrates to Switzerland’s Beznau and Leibstadt nuclear power plants.
The signing ceremony took place at Axpo Power AG’s headquarters in Switzerland during a visit by the Kazatomprom delegation.
Kazatomprom’s Chief Commercial Officer, Vladislav Baiguzhin, emphasized the strategic importance of the agreement.
“We are proud that this contract paves the way for important cooperation between our companies. The expansion of our sales geography highlights Kazatomprom’s recognition as a reliable uranium supplier on the global market. This agreement aligns with our strategy to diversify sales channels while contributing to energy security and decarbonization efforts in Switzerland,” Baiguzhin stated.
“The contract with Kazatomprom, the world’s largest uranium producer, is a key step in our diversification strategy,” Dr. Bruno Zimmermann, Head of Nuclear Fuel at Axpo Power AG, voiced. “Nuclear energy plays a crucial role in Switzerland’s low-carbon future, making reliable fuel supplies essential. Partnering with Kazatomprom strengthens our ability to ensure stable energy production and supports global decarbonization efforts.”
This agreement marks an expansion of Kazatomprom’s European footprint, as Switzerland’s largest energy company becomes a direct customer. With this deal, the Kazakh uranium producer enhances its role in supplying nuclear power plants across the continent.
Kazatomprom is the world’s leading uranium producer, accounting for approximately 20% of global primary uranium output in 2023. The company operates 14 mining assets in Kazakhstan, using in-situ recovery (ISR) technology to ensure efficient and environmentally responsible uranium extraction.
Kazatomprom’s securities are listed on the London Stock Exchange and the Astana International Exchange. The company primarily supplies nuclear power operators in China, South and East Asia, Europe, and North America, selling uranium through long-term contracts and spot market transactions.
Axpo’s Shift Away from Russian Supplies
Following Russia’s invasion of Ukraine, Axpo stopped signing new contracts with Russian suppliers and has been actively terminating existing agreements where possible. The company’s revised procurement strategy aims to secure uranium from Western market leaders, eliminating Russian involvement in the supply chain.
After extensive negotiations, Axpo has secured uranium supply agreements with mining companies in Canada and Kazakhstan. The uranium will be processed in France, Germany, the Netherlands, the United Kingdom, and the United States.
The first deliveries under the new contracts are set to begin in 2026. Since 2022, the Leibstadt and Beznau nuclear plants have relied on existing reserves, ensuring no dependency on Russian fuel sources.
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