Kazatomprom seeking more ventures abroad, tripling exploration

Kazatomprom, the world’s largest uranium producer, announced on Friday plans to triple its exploration activities in Kazakhstan and explore international expansion opportunities, following recent agreements with Jordan and Mongolia.

The state-controlled company, which currently produces all of its uranium at home, but signed a deal last week with Jordan on developing the country’s uranium assets.

“We are acknowledged for our ability to do mining, and that’s why … we are also looking at opportunities abroad,” chief executive Meirzhan Yussupov told the World Nuclear Symposium in London.

In addition to the Jordan deal, Kazatomprom also agreed last year to cooperate with Mongolia’s state nuclear company Mon-Atom and Yussupov said his firm was looking at other options, without giving details.

“We are trying to diversify our operations on a global scale geographically.”

The World Nuclear Association warned in a report released on Friday that uranium demand for reactors is due to more than double by 2040 and more new mines are needed.

“On our side, we are embarking on a very large exploration program in Kazakhstan … we have increased by triple our exploration capacities,” Yussupov said.

Kazatomprom, which produces about a fifth of the world’s primary uranium, boosted first half output by 13% and confirmed its 2025 production guidance, but said it would scale back its planned output expansion in 2026 due to market conditions.

The spot price of uranium has more than doubled over the past five years to $76 a pound, but is well down from a peak of $106 a pound touched in February 2024, the strongest since November 2007.

(By Eric Onstad; Editing by Louise Heavens)