"Kazatomprom" increased its uranium production by 10% in the first nine months of 2026

Kazatomprom has published its operating results for the third quarter and the first nine months of 2026. Uranium production for the group as a whole increased by 9.6% compared to the same period last year, reaching 20.5 thousand metric tons. Kazatomprom’s own share of production increased by 11.8% in volume to 11,000 metric tons.

Sales for the group as a whole rose by 9.8% to 14,000 metric tons, while sales for the company itself fell by 7.3% to 10,300 metric tons. The group’s selling price increased by 16.7% to $73.51 per pound, while Kazatomprom’s selling price rose by 14.4% to $70.19 per pound. Spot prices during the same period rose by 21.9% to $87.41.

Production for the group and for the company itself increased by 1% and 2.8%, respectively, compared to the second quarter (7,200 metric tons and 3,900 metric tons, respectively). Sales for the group rose by 6.5%, while sales for Kazatomprom itself fell by 7.2% (to 6,400 metric tons and 4,200 metric tons, respectively).

In terms of sales price growth in the third quarter, the company outperformed its peers in the group: 19.3% versus 15.1%; however, in real terms, the ratio remained unfavorable to the company—$79.45 and $81.5 per pound, respectively. The gap with average spot prices narrowed significantly: those prices rose by only 4% from the previous quarter to $88.56.

The company has not yet published its financial statements for the quarter. It attributes the decline in sales to delivery schedules and customer orders, rather than a change in overall demand. Despite the generally positive trend in recent months, the forecast for production figures through the end of the year remains unchanged. To reach the lower end of the stated sales range of 19,500–20,500 metric tons, the Kazatomprom Group needs to sell an additional 5,470 metric tons of uranium—nearly 1,000 metric tons less than in the previous quarter. The company’s planned share of annual sales is not specified.

In early September, the international rating agency Moody’s upgraded Kazatomprom’s Baseline Credit Assessment (BCA) from baa3 to baa2 and affirmed the company’s long-term rating at Baa1 with a stable outlook. In October, investment bank Jefferies reaffirmed its price target for the company’s shares at $106.

In late April, Kazatomprom’s GDRs on the LSE reached an all-time high of $93.8, after which they generally trended lower. As of 6:00 p.m. Almaty time, they were tradingat $61.2, down 1.13% from the previous close. On the KASE, the shares closed the day at 28,204 tenge ($62.17 at the National Bank’s current exchange rate), up 0.36% for the day.

This article was AI-translated and verified by a human editor