Kazatomprom said its nominal 2026 uranium production will fall about 9%–10% (to 29,697 tU from 32,777 tU) and denied any plans for an additional listing or share sale, tightening expected primary supply from the world’s largest producer.
The company framed the reduction as a deliberate “operate-below-100%” stance, with most of the cut attributed to JV Budenovskoye adjustments, reinforcing its value-over-volume approach.
Spot uranium hovered around $81–$83 per pound at the turn of October, up roughly 5–8% over the month. The World Nuclear Association now forecasts reactor uranium demand up 28% by 2030 and more than doubling by 2040.
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This follows Cameco cutting its 2025 guidance at McArthur River/Key Lake to 14–15 Mlb U₃O₈ (from 18 Mlb).
Kazatomprom also clarified ownership and listing chatter: no SPO, no new share issuance, no state stake reduction under discussion. Current structure remains Samruk-Kazyna holding 63%, National Fund (via Finance Ministry) at 12%, and free float at around 24.3%.
Kazatomprom will hold an extraordinary general meeting on October 20 to review amendments to its uranium supply agreements with Chinese partners, which the company describes as purely editorial or administrative. Key commercial terms like volumes, pricing, and delivery schedules will not change, according to the company.
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