Yussupov said that although it is easier to sell to certain Asian countries, they do not want to overly rely on a single market or partner to avoid concentration of risk. Kazakhstan faces dual pressures from the West and Russia, especially in terms of uranium, as it plays a key role in the global supply chain.
According to the Caixin, on September 10th, the CEO of Kazatomprom, the world's largest uranium producer, warned that various negative impacts from Western sanctions have made it more difficult for the company to continue supplying uranium to Western countries.
Meirzhan Yussupov, CEO of this state-owned uranium mining company in Kazakhstan, said that war-related sanctions have created obstacles for supplying Western utility companies. "For us, it is much easier to sell most of our products to our Asian partners... They can take almost all of our products."
However, Yussupov added that although it is easier to sell to certain Asian countries, they do not want to overly rely on a single market or partner to avoid concentration of risk.
Kazatomprom, also known as the National Atomic Company of Kazakhstan, is a state-owned enterprise responsible for uranium mining and related rare metals, as well as the export of nuclear fuel and specialized equipment.
Kazakhstan is the world's largest producer of uranium, accounting for 43% of global uranium production, a market share roughly equivalent to that of OPEC in the global oil market. Russia has significant influence over this Central Asian country, which has attracted the attention of Western utility and industrial partners.
Although Western sanctions have caused a lot of trouble for the supply, Kazatomprom hopes to retain more customers, including US and European utility companies.
Leigh Curyer, CEO of uranium producer NexGen Energy, commented that perhaps Kazatomprom will increase production, but Western utility companies have already shifted more of their focus to suppliers in Western countries, and some signs have been seen.
In addition, Rosatom, the Russian state atomic energy corporation, has close cooperation with Kazatomprom in the field of nuclear energy. Among the 14 uranium mining companies nationwide in Kazakhstan, Rosatom owns stakes in 5 of them. Yussupov claims that under these arrangements, Rosatom will have access to 20% of Kazakhstan's uranium resources.
Yussupov states that there is not as much concern about Rosatom's involvement because, compared with the oil and gas industry, the mutual dependence between the two countries in the uranium mining industry is relatively low.
Last month, Kazatomprom lowered its uranium production forecast for 2025 by 17% and suspended the release of guidance for 2026. This is because the company is having difficulty obtaining sulfuric acid used in uranium extraction and there are anticipated delays in the infrastructure construction of new mines.
Data shows that 49% of the products sold by Kazatomprom last year were sold to the Asian market, 32% to Europe, and 19% to the US market.
According to Katie Mallinson, partner at Prism Political Risk Management, a political risk management company, Kazakhstan is facing dual pressures from the West and Russia, particularly in the uranium sector, as it plays a crucial role in the global supply chain.