Production and Extraction
Global leadership in uranium production
The country's national operator, NAC Kazatomprom JSC, holds a significant place at the international level in the export and import of uranium and its derivatives, rare metals, and nuclear fuel for nuclear power plants, as well as specialised equipment and technologies. Kazakhstan has established itself as a global leader in uranium production, providing about 40% of the world's volume.
Kazatomprom stands out as the world's leading producer of natural uranium, with preferential access to one of the most significant resource bases. The Company operates uranium deposits suitable for in-situ leaching, which is a cost-effective and environmentally safer method of extraction. This, along with the long life of its mining assets, allows Kazatomprom to maintain its leading position in the global market due to one of the lowest uranium mining costs.
Since November 2018, Kazatomprom's shares have been actively traded on the Astana International Financial Centre and the London Stock Exchange.
Key performance results 2025
| Indicator | 2024 | 2025 |
|---|---|---|
| Production indicators, thousand tonnes: | ||
| Uranium production volume | 23.3 | 25.8 |
| Uranium sales volume | 16.7 | 18.5 |
| Financial indicators: | ||
| Revenue | 1,813.4 | 1,803 |
| Dividends | 314.6 | 327.9 |
| Net profit | 1,132.1 | 806.7 |
| Operating profit | 806.8 | 778.98 |
| Net debt | 144.5 | 139.8 |
| Amount of taxes paid | 446.6 | 492.5 |
| Sustainable development indicators: | ||
| Greenhouse gas emissions (Scope 1 and Scope 2), thousand tonnes | 907.4 | 906.2 |
| Accidents (injured) | 3 (3) | 5 (5) |
| Including fatal accidents (fatalities) | 0 | 2 (2) |
The year 2025 marked the first year of implementation of the updated Development Strategy for 2025-2034, aimed at expanding the resource base, strengthening the Company’s position across the nuclear fuel cycle, developing the rare and rare earth metals segment, as well as diversifying sales and enhancing the trading capabilities.
The Company's consolidated revenue for the year amounted to more than KZT 1,803 billion, representing a 0.6% decrease compared to the previous year, primarily due to a decline in the average selling price driven by lower average uranium spot prices.
Operating profit totalled KZT 778.98 billion, which is 3.44% lower compared to 2024. Net profit amounted to KZT 806.7 billion, reflecting 29% decrease compared to the previous year.
Uranium production increased by 10% compared to 2024.
Uranium production volume
25.8thousand tonnes
In 2025, the Company's ore and mineral resource reserves under subsoil use contracts held by the Company's subsidiaries decreased by 4.9% and 3.3%, respectively, compared to 2024.
Kazatomprom maintained its position as the largest uranium producer in 2025, accounting for approximately 20% of global primary uranium production.
Uranium production increased by 10% compared to 2024, reaching 25.8 thousand tonnes (on a 100% basis). Growth was driven by the gradual ramp-up of production, including the achievement of the design capacity of JV Budenovskoye LLP deposit, a significant portion of which is reserved under long-term off-take contracts.
In 2025, the Company sold its products both directly and through its subsidiary Trade House KazakAtom AG, supplying 22 customers in 8 countries (compared to 21 customers in 9 countries in 2024).
Consolidated sales volumes increased by 11% year-on-year, reaching 18.495 thousand tonnes.
In 2025, both fourth-quarter and full-year average selling prices declined compared to the corresponding periods of 2024, reflecting a correction in uranium spot prices.
At the same time, a 14% decrease in spot prices had a limited impact on the Company's performance: the average price decreased by only 6%. This dynamic is attributable to a balanced sales portfolio structure, including long-term contracts with elements of fixed pricing, including price limits.
In 2025, the Company continued to expand its commercial activities by securing a new customer and entering a new market, thereby broadening its geographic footprint.
Construction of a sulphuric acid plant
A project is underway for the construction of a sulphuric acid plant with an annual production capacity of 800,000 tonnes. The project will eliminate the deficit of sulphuric acid in Kazakhstan and reduce dependence on its import.
The project involves the implementation of modern production technologies in compliance with international environmental and energy-saving standards, as well as the generation of up to 30 MW of additional electricity.
Its implementation is expected generate annual tax revenues exceeding KZT 4 billion and create up to 500 jobs.
Construction of the Zhalpak onshore processing complex
Kazatomprom obtained a new contract for uranium mining at the Zhalpak deposit, with Ortalyk LLP designated as the operator in 2024. To ensure the production of sulphuric acid-based uranium-bearing pregnant eluate, a project is being implemented to construct an onshore processing complex with a capacity of 900 tonnes per year. The project is aimed at expanding uranium production volumes and developing processing capacities.
In 2025, construction of key facilities of the complex, including production and auxiliary units, was completed. Work is ongoing to ramp up to its design capacity, with the first phase (500 tonnes) expected to be reached in 2026.
The project will have a positive impact on regional development, including the creation of about 260 jobs, as well as providing additional tax revenues to the budget.
SUPPLY OF KAZAKHSTAN NUCLEAR FUEL
In 2025, Ulba-FA LLP successfully delivered six batches of fuel assemblies (FA) containing more than 200 tonnes of low-enriched uranium. All delivered batches passed acceptance control and were accepted by the nuclear power plant in the People’s Republic of China.
Supplies to nuclear power plants of the CGNPC group will continue through 2040 in accordance with existing contractual obligations.
Development of rare and rare-earth metals
Against the backdrop of growing global demand for critical minerals, Kazatomprom continues to expand its presence in the rare and rare earth metals segment. In
2025, UMP JSC received licenses to conduct exploration activities in the Ulytau and Karaganda regions. The exploration programme is aimed at assessing and confirming reserves of rare metals.
As part of the Scientific and technological development programme in the field of rare metals and rare earth metals for 2022–2029, Kazatomprom is evaluating opportunities for the by-product recovery of rare metals contained in intermediate products of uranium production.
During the reporting year:
- testing of a process for producing technical-grade ammonium perrhenate was conducted;
- development of technologies for selenium production and yttrium recovery was initiated.
These initiatives are aimed at assessing the feasibility of rare metal extraction and developing technologies for their efficient recovery as by-products of uranium mining and processing.
Sustainable Development
NAC Kazatomprom JSC continues to systematically enhance its sustainable development management framework, further strengthening the integration of ESG principles into its corporate activities.
In August 2025, the Corporate Sustainability Policy was updated and approved, defining the Company's key goals, principles, and priority areas of activity.
In December 2025, the Climate Resilience Policy was approved, establishing strategic approaches to managing climate-related risks and reducing environmental impact.
In 2025, the Company demonstrated improved ESG performance. The international rating agency S&P Global assigned Kazatomprom a CSA score of 50/100, while the overall ESG score reached 51 points.
S&P Global CSA score increased by 2 points compared to the previous year and is nearly twice the industry average, which confirms the Company's leadership position and the effectiveness of its sustainable development strategy.
Plans for 2026
The Company's plans for 2026 are aligned with its strategy, which is focused on market conditions and balanced business development.
Production growth is expected to be achieved through a gradual ramp-up of production, including by reaching design capacity at the JV Budenovskoye, whose output is fully contracted under long-term offtake agreements for the period 2024–2026.
Additional production volumes at other enterprises are planned to be used to build and maintain optimal inventory levels. This approach enables the Company to ensure reliable fulfilment of contractual obligations, maintain supply stability, and capitalise on market opportunities amid the ongoing imbalance between supply and demand.
Mining and metals
Founded in 2009, Tau-Ken Samruk National Mining Company JSC represents national interests in the mining industry and seeks to maximise the potential of the country's subsoil by attracting leading international partners and innovative technologies.
The company was established for the purpose of:
- ensuring effective activities in the field of subsoil use, including geological exploration, development, extraction, processing and sale of solid minerals;
- effective management of the stakes in the mining and metallurgical industry transferred to the company;
- reproduction of the mineral resource base of the republic.
Tau-Ken Samruk manages and implements exploration, production, and production projects.
Key performance results 2025
| Indicator | 2024 | 2025 |
|---|---|---|
| Production indicators, tonnes: | ||
| Gold production | 54.6 | 57.0 |
| Silver production | 6.1 | 5.8 |
| Gold sales volume | 56.5 | 57.0 |
| Silver sales volume | 6.1 | 5.8 |
| Financial indicators, KZT billion: | ||
| Revenue | 1,263.3 | 1,941.5 |
| Dividends | - | - |
| Net profit | 70.5 | 122.7 |
| Costs | 1,258 | 1,932 |
| Operating profit | 5.9 | 9.9 |
| Net debt | 58 | - |
| Amount of taxes paid to the budget of the Republic of Kazakhstan | 1.19 | 1.69 |
| Income tax paid | 0.5 | 0.36 |
| Other taxes and payments | 0.6 | 1.3 |
| Sustainable development indicators: | ||
| Emissions of pollutants into the atmosphere, tonnes | 73.79 | 48.65 |
| Accidents (injured) | 0 | 0 |
| Including fatal accidents (fatalities) | 0 | 0 |
Gold production volume
57tonnes
Silver production volume
5.8tonnes
In the reporting year 2025, NMC Tau-Ken Samruk JSC operated in line with its Development Strategy for 2024–2033, focusing on expanding the resource base, advancing solid minerals projects, attracting strategic partners, and enhancing the efficiency of asset management.
Key highlights of the reporting period include the following priority areas and milestones:
Replenishment of the mineral resource base
- preliminary approval was obtained for licenses for the exploration and development of the Nura-Taldy deposit, and preparatory activities for geological exploration have commenced;
- geological exploration activities were initiated across the Company’s prospective assets, including the Zhosabay, Karatas, and Kuiraktykol projects, with preliminary resource assessments completed and resource models developed;
- the operations of Kazgeology JSC were fully restored, with all exploration activities now performed in-house.
Activities with strategic partners
In 2025, the Company intensified its efforts to develop projects in collaboration with strategic partners:
- a joint venture with KazMetalGroup LLP was established to develop the Kempirsai nickel-cobalt cluster, including plans for subsequent construction of a hydrometallurgical processing facility;
- gold mining projects are being implemented in partnership under the Treasure Limited project, aimed at establishing a gold mining cluster and obtaining subsoil use licenses;
- an agreement was signed with the investor Cove Kaz Capital Group for the development of the Severny Katpar and Verkhneye Kairakty deposits, including structuring investor participation and preparing transaction documentation.
Investment Portfolio Management
- the Company carried out portfolio optimisation, including the divestment of non-core assets.
Institutional and regulatory development
- legislative changes were initiated to restore the Company's priority rights in the subsoil use sector.
Corporate Governance
In 2025, an independent assessment of the Company's corporate governance framework was conducted with the involvement of an external consultant. As a result, the corporate governance maturity rating was upgraded from “BB” to “BBB”, reflecting improvements in risk management, internal controls, transparency, and sustainability practices.
The Company has also developed a roadmap for further enhancement of ESG practices.
Refinery
In 2025, the refinery increased gold production to 57 tonnes, while silver output totalled to 5.8 tonnes. The growth was driven by improved operational efficiency and stable utilisation of processing capacities. The refinery's products comply with international quality standards and are certified by the London Bullion Market Association (LBMA), ensuring reliability of supply and strengthening the plant's position in the processing sector.
Development of the Rare Metals and Rare Earth Elements
The Company's key projects, aimed at developing the rare metals and rare earth elements sector, are being implemented within the framework of replenishing the mineral resource base and the Company's partnership initiatives. In 2025, preliminary approval was obtained for licenses at the Nura-Taldy deposit (beryllium segment), geological exploration was launched under the Kuyrektykol project to assess rare earth element resources. In addition, a joint venture was created with KazMetalGroup LLP to form a nickel-cobalt cluster of the Kempirsay massif, providing for the subsequent construction of hydrometallurgical production.
Plans for 2026
In the subsequent period, NMC Tau-Ken Samruk JSC will continue executing its Development Strategy. The main efforts will be focused on conducting geological exploration, attracting partners, and optimizing the investment portfolio. The implementation of these measures is aimed at increasing the assets’ value and strengthening the Company's role in the development of the mining and metallurgical complex of the Republic of Kazakhstan.