NAC Kazatomprom JSC held a forum dedicated to discussion of successes of the import substitution program and prospects for strengthening cooperation with domestic producers.
Representatives of business, industry associations and government agencies participated at the event. The purpose of the meeting was to discuss current achievements and outline further steps to reduce dependence on imports and support national producers.
As part of the implementation of the Head of State's Address, Kazatomprom, together with the Samruk-Kazyna Fund, is actively implementing an import substitution program aimed to increase the share of domestic goods and develop the offtake system. In 2024, Kazatomprom significantly increased its purchases from local producers by signing offtake contracts, which increased last year's figures by several times. These contracts contribute not only to the growth of cooperation with local enterprises, but also strengthen Kazakhstan’s economy.
"Reducing dependence on imports is one of the key aspects of our company's activities. We strive to actively support domestic business, which contributes to economic development, strengthens energy security and creates jobs," said Meirzhan Yussupov, the CEO of Kazatomprom. "In addition, our work on import substitution plays a strategically important role in strengthening Kazakhstan's position on the international arena as a leader in the uranium industry".
"It is important to note that domestic producers play a key role in providing uranium industry enterprises with necessary materials, equipment and services," noted Alibek Zhamauov, Vice Minister of Energy of the Republic of Kazakhstan. "This forum is the first step towards creating a sustainable platform for constructive and fruitful interaction between the state, subsoil users, and kazakhstani suppliers".
Currently, Kazatomprom is working on signing offtake contracts worth more than KZT 2 billion. Since the beginning of 2024, the total value of signed offtake contracts exceeds KZT 32 billion. Company's subsidiaries and affiliates are supplied with products like electromagnetic flow meters, pressure sensors, radio stations, batteries and other key components.
As noted by Meiram Pshembayev, Chairman of the Board of the Union of Machine Builders of Kazakhstan, the cooperation between Kazatomprom and the Union of Machine Builders is an important element of the import substitution program. Within the framework of this collaboration, efforts are underway to localize more than 60 product items worth over KZT 1.7 billion. A joint working group is coordinating efforts to expand production capacities and establish local production. Regular visits to enterprises and consultations with producers help to promptly resolve emerging issues and promote closer cooperation.
Kazatomprom is confident that continued work on import substitution will contribute to the creation of a sustainable and competitive economy focused on the development of domestic production and innovations.
For more information, please contact:
Public Relations and Media Inquiries
Altynay Karibzhanova, Chief Expert, Public Relations
Tel: +7 7172 45 80 63
Email: pr@kazatomprom.kz
Investor Relations Inquiries
Botagoz Muldagaliyeva, Director, Investor Relations
Tel.: +7 7172 45 81 80/69
Email: ir@kazatomprom.kz
About Kazatomprom
Kazatomprom is the world's largest producer of uranium with the Company’s attributable production representing approximately 20% of global primary uranium production in 2023. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 27 deposits grouped into 14 mining assets. All of the Company’s mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environment standards (ISO 45001 and ISO 14001 certified).
Kazatomprom securities are listed on the London Stock Exchange and the Astana International Exchange. Kazatomprom is the national atomic company in the Republic of Kazakhstan, the Group's primary customers are operators of nuclear generation capacity, the principal export markets for the Group's products are China, South and Eastern Asia, Europe and North America. The Group sells uranium and uranium products under long-term contracts, short-term contracts as well as in the spot market, directly from its headquarters in Astana, Kazakhstan, and through its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).
For more information, please see the Company website at www.kazatomprom.kz.
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