Kazakhstan to supply uranium to Switzerland
Kazatomprom, a subsidiary of the state-owned fund Samruk-Kazyna, and Swiss Axpo Power AG have signed their first contract to supply Kazakhstani uranium to nuclear power plants in Switzerland, Kazakhstan’s uranium producer announced in a statement on its website. Notably, Kazatomprom aims to expand its uranium production by a range of 7.4% to 13.9% compared to last year.
«National Atomic Company Kazatomprom JSC and Switzerland-based Axpo Power AG, alongside Kernkraftwerk Leibstadt AG (KKL AG), have signed the first-ever contract for the supply of Kazakh natural uranium concentrates for the energy needs of Switzerland’s Beznau and Leibstadt nuclear power plants,» the company said in a statement, without providing any details about the contract.
The signing ceremony was held in the Axpo Power headquarters in Switzerland during an official visit by Kazatomprom’s delegation to the country.
«We are proud that the first-ever commercial contract between Kazatomprom and Axpo paves the way for important cooperation between our companies. The expansion of our sales geography highlights the recognition of Kazatomprom as a reliable supplier of uranium on the global market. This contract represents an important step in our ongoing strategy to diversify our sales channels. It is also a key element in advancing energy security and decarbonization efforts, strengthening our partnership and ensuring the long-term supply of natural uranium for Switzerland’s nuclear energy sector,» said Vladislav Baiguzhin, chief commercial officer at Kazatomprom.
According to him, this agreement also plays a significant role in ensuring energy security and decarbonization, allowing for the bolstering of the partnership between the two companies and ensuring long-term exports of natural uranium for the needs of the Swiss nuclear energy sector.
«The signing of a contract with Kazatomprom, the world’s largest uranium producer, is of strategic importance for Axpo and KKL AG, as we continue to diversify and secure our fuel supplies. Nuclear energy is a key element of our country’s low-carbon energy strategy, making reliable fuel supplies critically important. Including Kazatomprom among our suppliers strengthens our ability to ensure stable energy supply for Switzerland and contributes to global decarbonization efforts,» said Dr. Bruno Zimmermann, head of Nuclear Fuel at Axpo Power AG.
According to Kazatomprom, signing the contract with Switzerland’s largest power company marks a new milestone in the company’s cooperation with European nuclear power plant operators and strengthens its position in the global uranium market. Notably, Axpo Power is also Switzerland’s largest producer of wind and solar energy.
In 2024, the Kazakhstani enterprise reported an increase in uranium oxide (U₃O₈) production to 23,270 tons, marking a 10% increase compared to 2023. At the same time, the company’s sales dropped from 18,069 tons in 2023 to 16,670 tons in 2024 (-8%). The average price of one pound of uranium oxide (one kilogram equals 2.5998 pounds) stood at $69.72 in 2024, 27% higher than in 2023 ($55.09 per pound). Moreover, the spot price reached $85.24, representing a 36% increase from 2023 ($62.51) on average.
Kazatomprom is set to produce between 25,000 and 26,500 tons of uranium in 2025, which is a 7.4% to 13.9% increase from last year. The company also anticipates that the permissible uranium production variation across the group will reach 20%. Kazatomprom accounts for approximately 20% of global uranium supply, maintaining its position as the world’s largest uranium producer.
