Kazatomprom Update Highlights Tight Uranium Market Amid Supportive Nuclear Policy Shift

National Atomic Company Kazatomprom JSC GDR RegS ( (NATKY) ) just unveiled an announcement.

Kazatomprom reported its fourth-quarter and full-year 2025 operational and trading update against a backdrop of increasingly supportive global nuclear policy and heightened geopolitical focus on uranium. The period saw major U.S. legislative and executive moves to secure critical minerals, including uranium, potential import restrictions tied to national security, and expanded backing for small modular reactors, while multilateral lenders such as the World Bank and Asian Development Bank moved to explicitly support nuclear energy financing. Additional demand-side momentum came from new reactor start-ups, life extensions for existing nuclear units in the U.S., South Korea and South Africa, and India’s passage of the SHANTI Bill to open its nuclear sector to private capital in pursuit of a more than tenfold capacity expansion by 2047. On the supply and investment side, several mines in Africa and North America restarted or advanced towards production, Sweden lifted its longstanding ban on uranium mining, and Sprott Physical Uranium Fund moved to raise up to $2 billion to buy physical uranium, reinforcing spot market support. Uranium prices remained high and relatively stable over the quarter, oscillating in the mid-to-low $80s per pound and ending 2025 at $81.55/lb U3O8, underpinning a constructive market environment for Kazatomprom’s operations and long-term contracted sales, though future trade measures and geopolitical disputes, such as the SOMAÏR mine controversy in Niger, could reshape supply chains and pricing dynamics.

More about National Atomic Company Kazatomprom JSC GDR RegS

National Atomic Company Kazatomprom JSC is Kazakhstan’s state-owned uranium producer and one of the world’s largest suppliers of nuclear fuel materials, with its securities listed in Astana and London via global depositary receipts. The company operates across the uranium value chain, serving utilities and nuclear fuel buyers globally, and is highly exposed to shifts in international nuclear energy policy, uranium pricing, and geopolitical developments affecting strategic minerals trade.

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