Kazakhstan’s Kazatomprom signs key uranium supply deal with China’s CNNC and CNUC

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Kazakhstan’s Kazatomprom signs key uranium supply deal with China’s CNNC and CNUC

This deal further strengthens Kazakhstan’s position as a critical uranium supplier for China’s nuclear energy market, which is rapidly expanding as part of China’s clean energy goals. The agreement, representing over 50% of Kazatomprom’s total assets, awaits shareholder approval in November.

daryo.uz

Kazakhstan’s Kazatomprom signs key uranium supply deal with China’s CNNC and CNUC​

Yesterday, 17:03

Kazatomprom, the world’s largest uranium producer, has announced a significant agreement with two Chinese entities, CNNC Overseas Limited and China National Uranium Corporation Limited (CNUC), for the sale of natural uranium concentrates. The deal, announced on Tuesday, further strengthens Kazakhstan’s position as a critical supplier of nuclear fuel to China’s rapidly growing nuclear energy market.

In its statement, Kazatomprom emphasized the scale of the agreement: “The transaction value, cumulative with the previously concluded transactions with CNUC and CNNC Overseas, comprises fifty percent or more of the total book value of the company’s assets.”

The magnitude of the deal means it will require shareholder approval at a meeting scheduled for November 15. However, Kazatomprom did not disclose the volume of uranium involved.

Kazatomprom’s Role in Kazakhstan’s Nuclear Energy Ambitions

This announcement comes at a time when Kazakhstan is making significant strides in its nuclear energy sector. On October 6, a national referendum saw 71.12% of voters express support for the construction of a nuclear power plant (NPP) on the shores of Lake Balkhash, a project estimated to cost between $10 bn and $15 bn. This new nuclear facility is expected to help address southern Kazakhstan’s energy deficit by 2035.

Kazakhstan, which is the world’s largest uranium producer, is leveraging its position in the global nuclear fuel supply chain to strengthen its domestic nuclear energy capabilities. President Kassym-Jomart Tokayev has called the nuclear plant “the largest project in the history of independent Kazakhstan,” highlighting the importance of nuclear generation for the country’s future energy security.

Kazatomprom’s uranium production is expected to play a crucial role in both domestic and international nuclear energy projects. The company’s latest deal with China aligns with Kazakhstan’s growing nuclear energy ambitions, as China continues to expand its nuclear power capacity as part of its push toward cleaner energy sources.

Kazakhstan’s Official Referendum Results Out: 71% Back Nuclear Power Plant Proposal - The Astana Times

Kazakhstan’s Official Referendum Results Out: 71% Back Nuclear Power Plant Proposal

astanatimes.com

Kazakhstan’s Official Referendum Results Out: 71% Back Nuclear Power Plant Proposal​

on 8 October 2024

ASTANA – Kazakhstan’s Central Referendum Commission has officially announced the results of an Oct. 6 national referendum at an Oct. 8 meeting, revealing 71.12% support the construction of a nuclear power plant.

 

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Chinese Companies to Purchase Uranium Concentrates from Kazatomprom for $2.5 Billion - The Times Of Central Asia

Shareholders of Kazatomprom, Kazakhstan’s national uranium producer, have approved agreements with two Chinese partners: CNNC Overseas and China National

timesca.com

Chinese Companies to Purchase Uranium Concentrates from Kazatomprom for $2.5 Billion​

18 Nov 2024

Shareholders of Kazatomprom, Kazakhstan’s national uranium producer, have approved agreements with two Chinese partners: CNNC Overseas and China National Uranium Corporation (CNUC). These agreements include a spot contract with CNNC Overseas and a long-term contract with CNUC.

Under the terms of these deals, Kazatomprom plans to supply uranium concentrates to China valued at approximately KZT1.25 trillion (around $2.5 billion). While the company has not disclosed specific delivery timelines or volumes, the agreements mark a significant development in Kazakhstan-China nuclear energy cooperation.

CNNC Overseas registered in Hong Kong, and CNUC, based in China, are both subsidiaries of the China National Nuclear Corporation, a state-owned entity responsible for operating nuclear power plants across China.

Kazatomprom has been deepening its ties with China in the nuclear energy sector. In May 2023, a ceremony at the Fangchenggang Nuclear Power Plant marked the acceptance of fuel assemblies produced by Ulba-TVS LLP, a Kazakh-Chinese joint venture in Ust-Kamenogorsk. These assemblies, made from Kazakhstani uranium feedstock, are destined for use in Chinese nuclear power facilities.

 

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Kazakhstan and China to co-develop transboundary uranium field

Kazakhstan and China plan to co-develop a transboundary uranium field, Kazinform News Agency reports.

qazinform.com

Kazakhstan and China to co-develop transboundary uranium field​

11:50, 16 June 2025

Kazakhstan and China plan to co-develop a transboundary uranium field, Kazinform News Agency reports.

Photo credit: Agibay Ayapbergenov/Kazinform

The Satbayev Institute of Geological Sciences, China University of Geosciences (Beijing), the China National Nuclear Corporation (CNNC) and Xiamen Wanli Stone Co., Ltd signed a framework agreement on joint comparative research of transboundary strategic ore belts between Kazakhstan and China, Kazakh Invest NC JSC said.

Besides, the sides are expected to include the project on the joint development of the uranium ore belt in Ili region in the medium-term and long-term nuclear power cooperation plan.

The agreement was signed as part of the China–Central Asia Industrial and Investment Cooperation Forum.

Noteworthy, Kazakhstan and China are set to sign 60 agreements up to USD 25 bln at the forum.

 

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Kazatomprom rejects deal with Russia’s Uranium One, approves contract with China

The vast majority of the company's shareholders abstained from voting on a proposed uranium supply contract with Rosatom-owned Uranium One Group

kz.kursiv.media

Kazatomprom rejects deal with Russia’s Uranium One, approves contract with China​

At Kazatomprom’s extraordinary general meeting of shareholders on Oct. 7, 2026, shareholders rejected a deal with Russia’s Uranium One Group. At the same time, they approved a similar contract with China’s State Nuclear Uranium Resources Development Co., Ltd. (SNURDC).

Under the proposed deal with the Rosatom affiliate, Kazatomprom would have supplied natural uranium as uranium oxide concentrate. The deal required a simple majority to proceed. However, more than 88.34% of shareholders abstained. More than 5% voted in favor of the contract, while more than 6.27% voted against it.

At the same time, shareholders approved a spot contract to purchase and sell natural uranium concentrates with SNURDC, with 88.63% supporting the decision, 6.49% voting against it and 4.88% abstaining.

Uranium One Group is a Russia-based company owned by Rosatom, Russia’s state nuclear energy corporation. The company mines natural uranium and explors and develops uranium deposits abroad, including in Kazakhstan and Tanzania.

In Kazakhstan, the company participates in developing major uranium deposits. For instance, it is involved in the Budenovskoye project alongside Kazatomprom. However, Uranium One Group has recently been divesting its assets in Kazakhstan in favor of Chinese investors.

Uranium One Group produces approximately 4,800 tons of natural uranium annually and supplies it to energy companies in Europe, North America and Asia.