Kazakhstan’s state uranium producer Kazatomprom reported a 33% year-on-year increase in uranium exports for Q3 2025, with production up 10%. Over the first nine months of the year, exports rose 10% and output 12%, reflecting resilient operational performance despite weaker global prices.
Global uranium spot prices fell 18% during the period, yet Kazatomprom’s average realised prices declined only 6%, cushioned by long-term supply contracts indexed to spot benchmarks. The company now forecasts 2025 revenue of 1.75 – 1.85 trillion tenge ($3.33–$3.52 billion).
The Cordoba View
Kazatomprom’s strong export growth highlights Kazakhstan’s continued reach in the global uranium supply chain. Despite softer prices, long-term contracts and resilient production support its position as a low-cost, volume-driven producer. We will examine uranium market dynamics in more detail in the coming notes.
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