Uranium went to the Chinese
"Rosatom" technically denied additional uranium from Kazakhstan, China approved
Uranium Went to the Chinese
Kazatomprom shareholders did not approve the sale of uranium to a Russian subsidiary of Rosatom, but agreed on supplies to the Chinese company SNURDC.
As reported by the national company Kazatomprom, "on item No. 1 of the EGM (extraordinary general meeting of shareholders) agenda, a decision was made to conclude a transaction in the execution of which JSC NAC Kazatomprom has an interest and which, in aggregate with interconnected transactions, constitutes a major transaction, namely: a spot purchase and sale agreement for natural uranium concentrates with State Nuclear Uranium Resource Development Company Limited (SNURDC)."
However, Rosatom's subsidiary was denied a contract. "A decision on item No. 2 of the agenda 'On concluding a major transaction in the execution of which JSC NAC Kazatomprom has an interest — a contract for the supply of natural uranium in the form of U3O8 with JSC Uranium One Group' was not adopted, as 88.34% of voting shares abstained from voting. A simple majority of votes was required to adopt a decision on this matter," the national company stated. At the same time, while 88.34% abstained, 6.27% voted against, and 5.39% voted in favor. The Chinese contract was supported by 88.63%.
It is unknown what specific uranium supplies are being referred to. The shareholders were likely considering the sale of additional uranium volumes belonging to Kazatomprom.
Russia is not among the major uranium producers, and Kazakhstan is one of the key sources for Rosatom. At the same time, the Russian state corporation, through Uranium One, participates in four joint ventures in the republic and holds the second-largest share in the country's production after Kazatomprom itself — 21.3%, or 5.5 thousand tons.
China, in turn, is actively strengthening its position in the Kazakh market and, for example, in 2024 purchased stakes in several projects from Uranium One. As a result, China's share in Kazakh production in 2025 has already reached 8.6%, or 2.2 thousand tons.