In 2024, Kazatomprom reaffirmed its position as the world’s leading uranium producer, delivering strong operational and financial performance while advancing its long-term strategic goals. Amidst rising global interest in nuclear energy as a key component of clean energy transition, we remain committed to sustainable growth, innovation, and the continued expansion of Kazakhstan’s role in the global nuclear industry and energy security.
Solid Operational and Financial Results
The volume of uranium production exceeded 23,000 tonnes in 2024, and the Group’s sales volume amounted to more than 16,600 tonnes, reinforcing our role as a reliable supplier to nuclear utilities worldwide. Our financial results reflect our operational efficiency and strategic decision-making, with consolidated revenue reaching $3.5 billion — a 26% increase compared to 2023. Adjusted net profit attributable to owners of the company (net of one-time effects) rose by 38% to approximately $1.1 billion.
A significant contribution was also made to Kazakhstan’s economy, with Kazatomprom group’s tax payments exceeding $1.4 billion — 58% more than in 2023. These results demonstrate our financial resilience and contribution to the country’s economic growth and development.
Strategic Focus: Strengthening Uranium Production and Expanding the Resource Base
Kazatomprom’s core focus remains on uranium mining, with a strong commitment to responsible resource management. In line with our updated strategy, we continue to expand and efficiently use our resource base.
In 2024 alone, we obtained four new exploration licenses with an estimated resource potential of roughly 170,000 tonnes of uranium. Worth noting that these rights are exclusive to Kazatomprom.
Furthermore, we signed a pilot production contract for the Inkai 3 deposit — one of Kazakhstan’s key uranium deposits — with resources amounting to 83,100 tonnes. The subsoil use right was also transferred to our wholly owned subsidiary.
Expanding Capabilities: Nuclear Fuel Cycle and Rare Metals Development
Kazatomprom continues to strengthen its presence in the nuclear fuel cycle and rare metals sector, reinforcing Kazakhstan’s role in the global nuclear industry.
In 2024, the Ulba-FA plant — the one of a kind facility in Central Asia — reached its full design capacity of 200 tonnes of low-enriched uranium in the form of fuel assemblies per year. These assemblies are supplied to Chinese nuclear power plants. The project is implemented by Kazatomprom’s subsidiary, Ulba Metallurgical Plant, together with China General Nuclear Power Corporation. Meanwhile, the Ulba Metallurgical Plant continues to produce fuel pellets, further contributing to the nuclear energy sector.
As global demand for tantalum, niobium, and beryllium continues to grow, replenishing mineral resource base for these rare metals is also one of our strategic priorities. In 2024, we obtained several licenses for mineral exploration, with geological studies planned to assess and confirm the reserves of these critical metals.
Diversifying Sales and Strengthening Global Partnerships
In an evolving global market, Kazatomprom remains focused on diversifying its sales and enhancing its trading capabilities. In 2024, we supplied uranium to 19 customers in 8 countries, broadening our global footprint. Notably, we made our first-ever deliveries to the customers in the UAE and Canada, and secured our first contract with a Swiss utility. Recently we’ve also announced a new uranium supply agreement with CEZ, a.s.
Moreover, Kazatomprom is expanding its international cooperation. In 2024, we signed a memorandum with TajRedMet, a Tajik company specializing in rare and rare-earth metals, to explore potential development opportunities. Another memorandum was signed with Orano, focusing on education and personnel training for the nuclear industry. Additionally, the company reached agreements with Mongolian Mon-Atom and Jordan’s JUMCO to potential uranium exploration and mining at their territories. These partnerships are instrumental in building our international presence and strengthening global expertise.
Commitment to ESG Principles
At Kazatomprom, we integrate ESG principles into our core business processes and continuously enhance our sustainability practices.
Our social investments exceeded $7.1 million, providing support to our employees, their families, and local communities. Additionally, nearly $7.7 million was allocated towards socio-economic development of the regions under subsoil use obligations.
Environment, occupational health and safety remain among our top priorities. In 2024, we invested about $27 million in environmental and labour protection initiatives, fire and industrial safety programs.
We continue to align our ESG efforts with best international practices, adhering to high standards of transparency, corporate governance, and sustainability reporting. Kazatomprom’s commitment to these principles ensures responsible growth, continuous improvement in sustainability performance, and long-term positive social impact. This has been noted and endorsed through ESG ratings we have received from acclaimed and prominent international agencies.
Driving Scientific and Technological Innovation
Research, innovation and improvement are key components of Kazatomprom’s long-term strategy. We are developing a system of continuous improvements based on Lean manufacturing principles. This approach is aimed at making all our processes more efficient, eliminating waste, and ensuring safe working environment.
In 2024, we have successfully developed and implemented several major R&D projects, including a new innovative technology for the repair and restoration of wells using certain chemical reagents; two pilot robotic systems to automate manufacturing processes; a technology to capture ammonia from gas phase for recycling it back into the production process which allows to reduce costs and environmental impact; and an experimental unit to generate electricity from process solution with a capacity of up to 30 kW.
Further technological advancements are underway, including a project to develop spheroidized metal powder from tantalum, niobium and/or their alloys for 3D printing. We are also collaborating with scientific organizations from the United States and Japan on a project to develop medical radioisotopes.
In addition, Kazatomprom is exploring the concurrent extraction of rare metals (scandium, vanadium, rhenium) during uranium production. Through these initiatives, we continue to advance technological progress and enhance efficiency within the uranium industry.
Looking Ahead: A Future Built on Sustainable Growth
As demand for clean energy continues to rise, Kazatomprom’s role in the global nuclear industry is more important than ever. We believe that our continued commitment to market discipline in uranium production and sales, strategic vision on potential development of nuclear fuel cycle, creation of new partnerships, and investments in research and innovation, will further contribute to Kazatomprom’s long-term success and global energy security.
We remain steadfast to creating long-term value for our stakeholders while upholding the highest ESG standards and fostering a cleaner, more sustainable future. Kazatomprom will continue to play a leading role in shaping the future of nuclear energy, further reinforcing Kazakhstan’s position as a key player in the global industry.
[Image credit: Kazatomprom]
The views and opinions expressed in this article are those of the author.
Meirzhan Yussupov is the CEO of Kazatomprom, which he has been leading since 2023.
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