Kazatomprom rejects deal with Russia’s Uranium One, approves contract with China

At Kazatomprom’s extraordinary general meeting of shareholders on Oct. 7, 2026, shareholders rejected a deal with Russia’s Uranium One Group. At the same time, they approved a similar contract with China’s State Nuclear Uranium Resources Development Co., Ltd. (SNURDC).

Under the proposed deal with the Rosatom affiliate, Kazatomprom would have supplied natural uranium as uranium oxide concentrate. The deal required a simple majority to proceed. However, more than 88.34% of shareholders abstained. More than 5% voted in favor of the contract, while more than 6.27% voted against it.

At the same time, shareholders approved a spot contract to purchase and sell natural uranium concentrates with SNURDC, with 88.63% supporting the decision, 6.49% voting against it and 4.88% abstaining.

Uranium One Group is a Russia-based company owned by Rosatom, Russia’s state nuclear energy corporation. The company mines natural uranium and explors and develops uranium deposits abroad, including in Kazakhstan and Tanzania.

In Kazakhstan, the company participates in developing major uranium deposits. For instance, it is involved in the Budenovskoye project alongside Kazatomprom. However, Uranium One Group has recently been divesting its assets in Kazakhstan in favor of Chinese investors.

Uranium One Group produces approximately 4,800 tons of natural uranium annually and supplies it to energy companies in Europe, North America and Asia.