Resource-rich Kazakhstan, the world’s leading uranium producer, has agreed to supply a large quantity of uranium under a new contract to support India’s nuclear power plants.
Announcement and Background
The deal was announced by Kazakhstan’s state-owned uranium company, Kazatomprom, following discussions with India’s Department of Atomic Energy. India and Kazakhstan have been negotiating a uranium supply agreement since the previous contract expired, with talks gaining momentum in recent months.
Past Agreements
Kazatomprom previously signed agreements with India for uranium supply: in January 2009, it agreed to provide 2,100 tonnes to India’s Nuclear Power Corporation (NPCIL), and in July 2015, it signed a contract with India’s Department of Atomic Energy for 5,000 tonnes over 2015–2019.
About Kazatomprom
Kazatomprom specializes in uranium mining, rare metal processing, and the production and sale of beryllium and tantalum products, with 100% of its output exported. The company is state-controlled: the Samruk-Kazyna fund holds 62.99% of shares, the Kazakh finance ministry owns 12.01%, and the remaining 25% is publicly traded.
