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 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · No single company-wide date exists for a 13-subsidiary, multi-JV state uranium producer with a ~29-year operating history since its 1997 presidential-decree establishment -- same 'no single date' treatment already applied to BHP/SCCO/FCX/NEM/AEM/ABX's equivalent rows. Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Reached — date not disclosed · No single company-wide date exists for a 13-subsidiary, multi-JV state uranium producer with a ~29-year operating history since its 1997 presidential-decree establishment -- same 'no single date' treatment already applied to BHP/SCCO/FCX/NEM/AEM/ABX's equivalent rows. Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Reached — date not disclosed · No single company-wide date exists for a 13-subsidiary, multi-JV state uranium producer with a ~29-year operating history since its 1997 presidential-decree establishment -- same 'no single date' treatment already applied to BHP/SCCO/FCX/NEM/AEM/ABX's equivalent rows. Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Jan 2008 · JV Inkai (Kazatomprom's 60%-owned, largest-by-licensed-capacity single asset, 10.4M lb U3O8/yr) began first commercial ISL production in 2008, ramping to 2,000 tU/yr from blocks 1&2. Used as this record's milestone anchor per this project's flagship-asset convention (same as BHP/Escondida, FCX/Grasberg above) -- Kazatomprom itself was established 1997 by presidential decree consolidating multiple pre-existing Soviet-era uranium operations, so there is no single earlier company-wide 'first production' date the way a single-project junior has. Year precision only. · Source
- Reached — date not disclosed · No single company-wide date exists for a 13-subsidiary, multi-JV state uranium producer with a ~29-year operating history since its 1997 presidential-decree establishment -- same 'no single date' treatment already applied to BHP/SCCO/FCX/NEM/AEM/ABX's equivalent rows. Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · 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.
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
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. Previously served as Kazatomprom's own Chief Financial Officer (2015-2020) and later as CEO of Kazakh Invest, Kazakhstan's national investment promotion agency. 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 on 17-19 August 2024. Previously headed Kazatomprom's own economics and budgeting department (2017-2019), playing a key role in preparing the company for its 2018 IPO, and most recently served as Chairman of the Management Board of the Kazakhstan Investment Development Fund before returning to Kazatomprom as CFO.
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
Multi-JV producer across 13 subsidiaries/~24 deposit areas with varying ownership percentages (Inkai 60%, KATCO stake with Orano, Karatau with Uranium One/Rosatom, among others) and no single consolidated corporate-level dcfNpvUsd/irrPct/technicalReportPriceAssumptionUsd/projectedFreeCashFlowUsd figure disclosed -- same structural gap as this batch's other majors. ouncesFound is deliberately left null (see markManualResearchChecked note) rather than using Inkai's 212.3M lb U3O8 TOTAL FORECAST PRODUCTION-over-mine-life figure, which is a different concept from a point-in-time contained resource/reserve tonnage and would misrepresent what that Cameco-authored technical report actually states -- that same figure IS the correct basis for mineLifeYears below, which is what it is actually disclosed as.