State-owned nuclear company Kazatomprom produces approximately 40% of the world’s uranium. Credit: Kazatomprom.

The Kazakh national atomic company Kazatomprom saw a 43% increase in revenue in 2023 as global demand for uranium alongside reignited interest in nuclear fuel continues to surge, the company revealed in its financial results.

Geopolitical tensions and a renewed focus on the global energy transition led to volatility in the uranium market in 2023. However, demand for nuclear power as a low-carbon energy source increased.

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Meirzhan Yussupov, Kazatomprom’s chief executive, said: “Regardless of the [nuclear] reactor design, uranium is needed to fuel it. With Kazakhstan accounting for about 40% of the world’s uranium production on an annual basis, we are proud that at least every third nuclear reactor in the world runs on Kazakh uranium.”

He added that despite continuing geopolitical uncertainty and risks, the company is “fully capable of keeping its leadership position as a reliable supplier of natural uranium and is ready to secure utilities’ needs in diversifying their supply sources”.

Kazatomprom’s operating profit was up 49% to KZT680bn ($1.5bn) in 2023, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 31%.

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The statement claims that the war in Ukraine has not affected the group’s financial position. The majority of its revenues and financing raised are in US dollars, insulating it from national currency fluctuations. It further claimed it “took measures to redistribute available funds” away from Russian banks that are sanctioned.

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However, the company is contracted to carry out uranium processing with Uranium Enrichment Center JSC, a Russian project set up in 2007.

Referring to the contract, the company said: “At the date of the financial statements, the group expects that the provision of services under this contract will continue. Increased attention is being paid to this issue, and risks and plans associated with compliance with sanctions regimes are being analysed.”

It added that the company continues to export goods through Russia and that it “continuously monitors potential impact that sanctions may have on the ability to transport material”. According to the statement, sanctions have not yet impacted its ability to transport materials through Russia.