Kazakhstan's Kazatomprom signs uranium supply contract for 2 Swiss NPPs

ALMATY. Feb 17 (Interfax) - Kazakhstan's nuclear company Kazatomprom has signed a contract for the supply of uranium to the Beznau and Leibstadt nuclear power plants with Swiss companies Axpo Power AG and Kernkraftwerk Leibstadt AG (KKL AG), Kazatomprom said in a press release.

"This is the first contract for supplying Kazakh natural uranium concentrates to the Beznau and Leibstadt nuclear power plants in Switzerland," it said.

The signing ceremony took place at the headquarters of Axpo Power AG in Switzerland.

"This contract is an important step in our strategy to diversify sales channels," Kazatomprom Chief Commercial Officer Vladislav Baiguzhin was quoted as saying in the release.

The agreement between the parties is of strategic importance for Axpo Power AG, the head of the company's nuclear fuel department Bruno Zimmermann said. "Signing the contract with Kazatomprom is strategically significant for Axpo and KKL AG as we continue to diversify and ensure the security of our fuel supplies," Zimmermann was quoted as saying.

No further details were provided.

Kazatomprom mines uranium, processes rare metals and produces beryllium and tantalum products. The company exports 100% of its output. Kazatomprom is state-controlled, with Samruk-Kazyna holding 62.99% of shares and the Kazakh Finance Ministry owning 12.01%. The free float is 25%.

Kazatomprom increased uranium production 10% year-on-year in 2024 to 23,270 tonnes. The company plans to produce 25,000-26,500 tonnes of uranium in 2025, with growth potentially ranging from 7.4% to 13.9%.