Meirzhan Yussupov said Kazatomprom will keep prioritizing price over output, arguing the producer should not flood the market with cheap uranium despite rising demand from nuclear power and AI-linked data centers.
Kazakhstan mines about 40% of global uranium, mostly through Kazatomprom, giving the state-controlled company unusual leverage as one of the world’s lowest-cost suppliers through in-situ recovery.
Since its 2018 London and Astana listing, Kazatomprom has stuck to that restraint-focused model, and Yussupov said the company weighs any expansion by payback, IRR and NPV rather than strategic ambition alone.
Yussupov said Kazatomprom still wants Kazakhstan to build out more of the nuclear fuel cycle, but enrichment remains strategically restricted under non-proliferation rules and cannot be pursued without meeting listed-company return thresholds.
The CEO also cast Kazatomprom as a proxy for Kazakhstan’s investment case, noting the stock has risen roughly sevenfold since the IPO and citing investor protections and common-law governance at the Astana exchange.
With AI's surging energy needs, will Kazatomprom abandon its supply discipline for the world's new tech giants?
How does Kazakhstan balance its nuclear ambitions with the strict non-proliferation demands of its Western investors?
Can Kazakhstan's fragile 'Middle Corridor' trade route truly secure the West's uranium supply while bypassing Russia?
Kazatomprom’s Disciplined Output: Balancing Global Uranium Supply and Demand as World’s Leading Producer (43% in 2024)
Overview
Kazatomprom, the world’s leading uranium producer, is firmly committed to a 'value over volume' strategy, focusing on market stability and long-term profitability rather than maximizing output. In August 2025, the company reduced its 2026 production target by about 8 million pounds, or 5% of global supply, believing that current market conditions do not justify full capacity. Despite a 6% drop in revenue in early 2025, Kazatomprom maintained strong financial management. This disciplined approach allows the company to navigate volatile markets, support stable prices, and ensure sustainable value for both itself and the global uranium market.