2025-10-02【天然铀】哈原工计划在阿斯塔纳和伦敦外再找上市地

Top uranium producer Kazatomprom, the state-run miner whose shares trade in London and Kazakhstan, said it’s considering a new listing.

Potential venues may be reviewed for part of the 25% of stock not held by the Kazakh government, the company said Thursday in a statement. Chief Executive Officer Meirzhan Yussupov said Wednesday that the firm had “thought about the various options” for a listing, adding that no decision had been made.

Kazatomprom, which accounts for about 20% of global uranium production, has seen its shares trail Canadian rival Cameco Corp. since its 2018 listing in London and Kazakhstan. That’s in part due to the perceived higher geopolitical risk associated with the stock, its lower liquidity and Cameco’s greater exposure to the downstream nuclear-fuel cycle.

Nevertheless, Kazatomprom pays steady dividends, making it a “cash cow for our shareholders,” Yussupov said in an interview in Astana.

The firm’s strategy in recent years has been to keep a lid on output to support prices even as demand for nuclear fuel grows.

The company is sticking with a “value-over-volume” approach, Yussupov said. But it plans to boost exploration over the coming years to lock in future reserves, focusing on long-term sustainability rather than letting output spike then decline, he said.

Kazatomprom said in August that current market conditions don’t justify producing at full tilt, and it expected output next year to be about 10% lower than stipulated by the Kazakh state. The company is permitted to produce up to 20% less than the plan, an option it’s still considering, according to Yussupov.

The uranium market will be in surplus until the start of the next decade, according to Bloomberg Intelligence. It’s then expected to shift into deficit as low-cost reserves in Kazakhstan and Canada go into decline and demand continues to climb.

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