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Highlights:
- Commitment to Sustainable Resource Management and Market Leadership
- Expansion into Rare and Rare-Earth Metals as Part of Critical Minerals Agenda
- Strengthened Corporate Governance and Increased Investor Trust
National Atomic Company "Kazatomprom" JSC (LSE:KAP) has announced its updated Development Strategy for the period 2025-2034. The strategy builds on the company's achievements under its previous strategy and positions Kazatomprom to strengthen its leadership in the nuclear industry, amidst growing demand and emerging opportunities in the global energy transition.
Kazatomprom’s updated 2025-2034 Strategy marks a logical progression from its 2018-2028 plan, which successfully advanced the company’s market position and long-term value creation objectives. With key strategic goals achieved ahead of schedule and significant changes in the nuclear sector, the company is now focusing on adapting to a new nuclear renaissance and exploring growth opportunities across the entire nuclear fuel cycle.
The updated strategy places an emphasis on continuing to develop the company’s uranium mining operations while also exploring new strategic avenues, such as the rare and rare-earth metals market. These objectives aim to mitigate geopolitical risks, enhance resource base replenishment, diversify revenue streams, and position Kazatomprom as a global leader in the nuclear industry.
Arman Argingazin, Chairman of Kazatomprom's Board of Directors, emphasized that the updated strategy is centered on adapting to an evolving nuclear industry, optimizing processes, and seizing opportunities for strategic participation in various stages of the nuclear fuel cycle. This approach is expected to drive sustainable long-term growth, while enabling Kazatomprom to navigate the complexities of the global market and contribute to the ongoing energy transition.
Achievements under the 2018-2028 Strategy: Since the implementation of its previous strategy, Kazatomprom has made significant progress, including:
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Uranium Market Recovery: The company removed over 48,000 tonnes of uranium from primary global production, contributing to a recovery in the uranium market and a balanced supply-demand scenario, while preserving reserves for future needs.
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Expanded Sales Portfolio: Kazatomprom transformed its uranium sales strategy by establishing its own trading arm and reducing sales through intermediaries. This expansion included adding new countries to its client base, including Brazil, Sweden, Spain, Argentina, Romania, and the UAE. Sales to the Americas grew from 16% in 2018 to 26% in 2023.
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Improved Governance and Sustainability: Kazatomprom strengthened its corporate governance and sustainability practices, earning a Corporate Sustainability Assessment (CSA) score of 48/100 from S&P Global Ratings, which is above the industry average.
The 2025-2034 strategy focuses on several key objectives, such as enhancing the company’s uranium mining capabilities, expanding its rare and rare-earth metals segment, and continuing its diversification efforts. It also emphasizes maintaining strong business and environmental, social, and governance (ESG) practices to uphold the integrity of the business.
