JSC National Atomic Company KazatompromJ
Kazatomprom (JSC National Atomic Company Kazatomprom) is the world's largest uranium producer, established 1997 by presidential decree to consolidate Kazakhstan's uranium industry, IPO'd November 2018 with ordinary shares and GDRs on the AIX (Astana International Exchange) and GDRs on the London Stock Exchange (LSE: KAP). The company operates 13 uranium-mining subsidiaries across roughly 24 deposit areas in Kazakhstan, exclusively via in-situ leach (ISR) -- no shaft or open-pit mining anywhere in the portfolio. Major joint ventures: JV Inkai (Kazatomprom 60%, Cameco 40%, restructured 2016-2021), the largest single asset by licensed capacity at 10.4 million lbs U3O8/yr, which began commercial ISL production in 2008; JV KATCO (with Orano); and Karatau LLP (with Uranium One/Rosatom). Per Kazatomprom's own 1H2025 financial results, U3O8 sales revenue was guided at KZT 1,400-1,500 billion against total 2025 consolidated revenue guidance of KZT 1,600-1,700 billion -- roughly 82-88% of revenue from uranium sales alone, with the remainder also uranium-related (fuel pellets, enriched uranium). As of 31 Dec 2018 IPO, GDRs represent a 1:1 ratio to ordinary shares (259,356,600-259,357,000 GDRs/shares outstanding, flat since IPO, ISIN US63253R2013). Ownership: Samruk-Kazyna's stake decreased from ~75% to ~63% as of July 2024 after transferring ~12% to Kazakhstan's Ministry of Finance; ~25% free float. H1 2026 (as of 2026-06-30): cash and equivalents of KZT 360,697 million (up 4% from KZT 347,426M at 2025-12-31), total debt of KZT 203,576 million, net debt of KZT (157,121) million -- i.e. a net cash position, all company-reported in KZT only, no company-stated USD conversion found.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.9/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jan 2008 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: tailings facility.
Jurisdiction (40%)4/10
HQ Astana, Kazakhstan; 100% of operations are domestic (South Kazakhstan/Turkestan region), exclusively via in-situ leach (ISR). The mitigating factor keeping the score from being lower still: Kazatomprom has multiple decades of stable operating history as the world's largest uranium producer (~40% of global primary supply, 2019 figure) with real, long-standing joint-venture relationships with major Western/allied operators (Cameco on JV Inkai, Orano on JV KATCO) that have continued through changes in domestic ownership structure -- a track record a comparably-scored frontier/conflict-adjacent jurisdiction would not have.
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, confirmed grid power, and no confirmed tailings facility at JV Inkai.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Kounrad (Central Asia Metals plc), 615 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Kounrad (Central Asia Metals plc), 615 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:4/10
Kazakhstan: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:4/10
Primary commodity: Uranium
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of JSC National Atomic Company Kazatomprom since 2 October 2023, and a Member of the Board of Directors. Entire confirmed career has been either internal Kazatomprom promotions (Treasury Director for Corporate Finance, then Chief Financial Officer 2015-2020) or Kazakh government-agency posts -- Vice-Minister at the Ministry of National Economy, then CEO of Kazakh Invest, Kazakhstan's national investment-promotion agency, immediately before his return to Kazatomprom as CEO. Graduate of Middle East Technical University (Economics and Management), the London School of Economics (MSc, Economic Development Management) and Harvard University (MPA).
First Deputy CEO and Chief Financial Officer of JSC National Atomic Company Kazatomprom, and a member of its Management Board since 30 September 2024. Succeeded Sultan Temirbayev, who stepped down as CFO in Aug 2024. Entire confirmed career has been either internal Kazatomprom promotions (Director of Corporate Governance 2014-2017; Director of Economics and Budgeting 2017-2019, playing a key role in preparing the company for its 2018 IPO) or a Kazakh government-agency post -- CEO of the Kazakhstan Investment Development Fund (2019-2024) -- immediately before his 2024 return to Kazatomprom as CFO.
Chairman of the Board of Directors of JSC National Atomic Company Kazatomprom since 21 June 2023 (independent director before that). Real, dated Kazakhstan banking career spanning over 20 years: Financial Analyst at Halyk Bank of Kazakhstan JSC (from Jul 2000); customer service manager, specialist and Deputy Head of Business Development at HSBC Bank Kazakhstan (2001-2003); Branch Manager then Deputy CEO at ABN AMRO Bank Kazakhstan (2003-2006); Head of Corporate Banking and Management Board member at RBS Bank Kazakhstan (2006-2012); and Managing Director of UBS AG's Almaty representative office (2012-2021). Born 1978, citizen of the Republic of Kazakhstan; Business Administration degree, Boston University School of Management (2000).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Kazatomprom produces uranium through 13 subsidiaries and joint ventures across about 24 deposit areas in Kazakhstan, with ownership varying by asset (for example 60% of JV Inkai, with Cameco). It does not publish a single company-level NPV or IRR. At its own share of each deposit, its measured and indicated uranium resource is 440,500 t of uranium, about 1,145 million lb of U3O8, at 31 December 2025, per SRK's audited JORC statement. The 21-year mine life shown is JV Inkai's, based on its technical report's forecast of 212.3 million lb of U3O8 produced over the life of the mine.