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ASTANA - Kazakhstan’s Kazatomprom (LON:KAPq), the world’s largest uranium producer, announced plans to reduce its 2026 production level by approximately 8 million pounds, representing about 5% of global primary uranium supply, according to a press release statement issued Friday.
The company said it will decrease nominal production from 32,777 tonnes (85 million pounds) to 29,697 tonnes (77 million pounds) of U3O8, citing its market-centric approach and assessment that current market conditions don’t warrant returning to 100% production levels.
"Despite the volatility in the spot uranium market and the broader capital markets, some of which may be due to uncertainty brought by the tariff wars, uranium long-term price has remained stable at 80 US dollars per pound proving that fundamentals remain strong," said Meirzhan Yussupov, CEO of Kazatomprom.
The company reported first-half 2025 net profit of KZT 263.2 billion ($506 million), a 54% decrease from the same period last year, primarily due to a one-time gain from the consolidation of JV Budenovskoye in 2024. Excluding one-time effects, net profit decreased by 5%.
Revenue declined 6% to KZT 660.2 billion ($1.27 billion), mainly due to lower sales volumes. Operating profit increased 12% to KZT 253.7 billion ($488 million), driven by decreased costs related to lower purchases of uranium from joint ventures.
The company maintained its 2025 production guidance at 25,000-26,500 tonnes on a 100% basis but reduced its sales volume forecast by 500 tonnes due to a customer-requested delivery reschedule.
Kazatomprom also reported the successful commissioning of a new uranium processing plant at its JV KATCO with Orano, which has an annual capacity of 2,000 tonnes of uranium.
The company noted that Kazakhstan’s plans to build three nuclear power plants could create substantial domestic demand in the future, potentially requiring 72,000 tonnes of uranium over their operational lifetimes.
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