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Kazatomprom: Uranium Production, Guidance & Sulphuric Acid Supply

Jimmy Connor Sep 18, 2026 8:42

Summary

Kazatomprom reaffirms 2026 uranium guidance of 27,500–29,000 tons and says no price would tempt it to grow output — value over volume remains the playbook.

Kazakhstan's third sulphuric-acid plant is delayed at least six months past its Q1 2027 target after prehistoric fossil remains were found at the site.

Sulphuric acid — a critical input for ISR (in-situ recovery) uranium mining — accounts for under 15% of Kazatomprom's production costs, giving it margin buffer.

June finished uranium inventory of 21.4 million pounds, up roughly 20% year over year, is framed as seasonal delivery timing rather than a deliberate build.

Management describes a coming 'nuclear renaissance' as governments convert nuclear ambitions into action and positions Kazatomprom as a primary beneficiary.

Jimmy Connor's takeaways

  • Top takeaway Frames the discussion around production guidance, sulfuric acid supply, and inventory as the key investor questions raised during the London meetings
  • Closes by thanking the guest for 'promoting the industry', signalling an explicitly pro-nuclear stance and a bullish framing of the uranium renaissance narrative

Dastan Kosherbayev's takeaways

  • Top takeaway Argues that Kazatomprom's value-over-volume strategy is the right call and that no current uranium price would change the company's incentive to keep production flat
  • Frames the current moment as the start of a 'nuclear renaissance' and says Kazatomprom is well positioned as the world moves from ambition to action on tripling nuclear capacity
  • Downplays Middle East supply risk to sulfuric acid, citing reliance on local producers and a buffer because sulfuric acid is under 15% of production costs
  • Attributes the June 21.4 million pound finished uranium inventory build (+20% YoY) to seasonal delivery timing rather than deliberate stockpiling
  • Justifies the six-month halt to the third sulfuric acid plant as a precaution after fossilized remains of a prehistoric animal were found at the site