Kazakhstan's Kazatomprom to concentrate on increasing resource base over next 10 years

ALMATY. Jan 15 (Interfax) - The Kazakh nuclear company Kazatomprom is planning to concentrate its efforts on increasing and effectively using its resource base, as well as expanding its footprint in the nuclear fuel cycle, over the next ten years, the company's press service said.

The company has approved its updated development strategy for 2025-2034.

"The company's board of directors has identified the following strategic objectives for 2025-2034: maintaining our focus on our main type of activity and concentrating efforts on increasing and effectively using the resource base, [and] expanding our footprint in the nuclear fuel cycle in view of the arising opportunities substantiated by economic value," the press service said.

Other goals of the development strategy include developing and expanding the rare and rare-earth metals segment amid demand for critical minerals, continuing to diversify sales and further enhance its trading function, and improving business and ESG practices.

The need to update the development strategy arose from the early achievement of key strategic goals set for 2018-2028 as well as fundamental changes in the nuclear industry.

"The updated strategy focuses on continuous development in a changing industry, optimizing processes and exploring potential opportunities for strategic participation in other stages of the nuclear fuel cycle. Such an approach will enable us to significantly replenish our resource base amid growing demand, diversify long-term revenue streams, mitigate geopolitical risks, and strengthen the company's position in the global market, ensuring stable and sustainable growth," Kazatomprom Board Chairman Arman Argingazin was quoted as saying by the press service.

In view of the importance of updating the 2025-2034 development strategy and maintaining a constant dialogue with the investment community, the company plans to have a number of meetings with investors and analysts in order to present and discuss the strategic tasks of the next decade, the press service said.

Kazatomprom produces uranium, processes rare metals, and produces and sells beryllium and tantalum products. All of the company's output is exported. Kazatomprom is controlled by the state, including by Kazakhstan's Samruk-Kazyna sovereign wealth fund (62.99% of shares) and the Finance Ministry (12.01%). Free float stands at 25%.