Kazatomprom inks contract with CNUC

Astana, The Gulf Observer: Kazakhstan’s Kazatomprom JSC (national nuclear company) has signed a contract with China National Uranium Corporation Limited – CNUC (a subsidiary of China National Nuclear Corporation – CNNC) for the supply of uranium, Trend.az reports.

According to Kazatomprom, the signing of this contract will help meet China’s growing need for clean, carbon-free electricity and strengthen the historically long-standing nuclear relationship between the two countries.

As the Managing Director for Strategy and Marketing of Kazatomprom Seitzhan Zhanybekov noted, Kazatomprom’s market-driven strategy aims to produce, process and sell natural uranium concentrates to create long-term value for all stakeholders.

“Close cooperation with one of the major Chinese energy companies, such as CNUC, testifies to Kazatomprom’s strong reputation as a reliable and preferred supplier in the global nuclear fuel market,” he said.

A long-term contract with CNUC was signed at the China International Import Expo 2023 in Shanghai.

The scope and commercial terms of the contract are confidential and commercially sensitive and are not subject to public disclosure, the company said.

On September 29, 2023, Kazakhstan’s Kazatomprom presented its strategy for uranium production for 2025. The Board of Directors of Kazatomprom approved the company’s strategy to increase uranium production volumes in 2025 to 100 percent of the level planned under subsoil use contracts.

Kazakhstan ranks second in the world in terms of proven reserves of natural uranium. About 14 percent of all proven world reserves are concentrated in the depths of the Republic of Kazakhstan. The country’s total proven reserves are estimated at more than 700,000 tons of uranium.

In 2009, Kazakhstan took first place in uranium production in the world and continues to maintain a leading position in the world market. Kazakhstan produces about 40 percent of the world’s uranium production. In 2021, the volume of uranium production amounted to 21,800 tons, according to the results of 2022—21,300 tons.