Uranium has long carried an air of mystery—symbolizing war, peace, and clean energy all at once. From the Manhattan Project* to today’s global debates on climate-friendly power, the uranium industry has remained one of the world’s most strategically important and geopolitically sensitive sectors. At the center of its modern history stands the vast steppes of Kazakhstan.
Today, global demand for uranium is steadily increasing. Nuclear energy is viewed as a reliable foundation for electricity generation and a key low-carbon solution that helps reduce greenhouse gas emissions. The price trend of uranium (U₃O₈, “yellowcake”) clearly reflects this shift: in 2023, the price reached USD 106.6 per pound—its highest level in 16 years—before easing to around USD 86.2 by year’s end. By mid-2025, it fluctuated near USD 68.0 per pound, while long-term contract prices climbed to USD 92.6. The enriched uranium market has also tightened sharply, with the price of a separative work unit (SWU) reaching USD 190, driven by the expansion of nuclear power and rising AI-related energy demand.
Global Uranium Industry
The global uranium industry originated in the 1940s, when this element was first used to produce nuclear weapons and later to generate electricity for peaceful purposes. Over time, a complete nuclear fuel cycle developed—covering mining, enrichment, fuel fabrication, and waste management.
Today, uranium supplies roughly 10 percent of the world’s electricity. The market is dominated by a few major players, led by Kazakhstan’s Kazatomprom, followed by Canada’s Cameco, France’s Orano, Russia’s Uranium One/Rosatom, and China’s CNNC and CGN.
Uranium reserves are highly concentrated in a handful of countries. Australia holds about 28 percent of the world’s recoverable reserves, followed by Kazakhstan, Canada, and Russia. In terms of mining, Kazakhstan has remained the global leader since 2009, accounting for 40–45 percent of world supply, while Canada contributes 20 percent and Namibia 11 percent. More than half of the world’s uranium is now extracted using in-situ recovery (ISR), a low-cost and relatively clean technology.
Kazakhstan’s Uranium Sector
Kazakhstan’s uranium story began during the Soviet era, when large-scale exploration and mining took place. After gaining independence in 1991, the country inherited substantial reserves and infrastructure from the USSR. The introduction of ISR mining in the late 1990s laid the foundation for Kazakhstan’s dominance in the global market.
Today, Kazakhstan holds 12–14 percent of the world’s uranium reserves, ranking second after Australia. Most of its roughly 906,000 tonnes of reserves lie in sandstone formations—ideal for ISR extraction, which now accounts for 90 percent of production, mainly in the Kyzylorda and Turkestan regions.
In 2024, Kazakhstan produced 23,270 tonnes of uranium, supplying over 40 percent of global output. The country has been the world’s largest producer since 2009. Uranium exports are vital to its economy: in 2023, they earned USD 3.43 billion, or 4.4 percent of total exports; in 2024, uranium represented 62.7 percent of Kazakhstan’s high-tech exports, reaching USD 4.6 billion.
At the heart of the sector is the state-owned Kazatomprom, established in 1997, which alone controls about 20 percent of global supply. Kazakhstan’s uranium policy emphasizes diversification and balance, partnering with France’s Orano (Katco), Canada’s Cameco (Inkai), Japan’s Kansai and Marubeni, China’s CNNC and CGN, and Russia’s Uranium One (Akbastau and Karatau). This diversified cooperation ensures market stability, accessibility, and geopolitical flexibility.
Kazakhstan’s Nuclear Energy Sector
Kazakhstan aims not only to be the world’s uranium warehouse but also to stregnthen its own future with nuclear energy. On October 6, 2024, a national referendum asked citizens: “Do you support the construction of a nuclear power plant in Kazakhstan?” With 63.7 percent voter turnout, 71 percent said “yes,” granting approval for the country’s first nuclear power plant.
In June 2025, Kazakhstan selected Russia’s Rosatom to lead an international consortium to build a modern VVER‑1200 reactor plant near Lake Balkhash, in the village of Ulken. Simultaneously, China’s CNNC was chosen to head a second project—meaning several nuclear power plants are likely to rise across Kazakhstan’s steppe in the coming years.
The decision sparked debate. Environmental activists expressed concern over Lake Balkhash’s water levels, radioactive waste, and geopolitical risks tied to cooperation with Russia. Several anti-nuclear protesters were detained before the referendum, rekindling public memories of the Semipalatinsk nuclear test site. Nevertheless, the government framed nuclear development as essential for energy security, low-carbon power generation, and long-term economic diversification.
As for Mongolia, its uranium sector is likely Kazakhstan’s uranium sector. Mongolia has verified reserves of about 141,000 tonnes, ranking among the world’s top twenty. Major deposits such as Dornod and Gurvanbulag have been studied for decades, but commercial-scale mining has yet to begin. While Kazakhstan already dominates the global market, Mongolia remains largely in an exploratory and preparatory phase, partnering with Russia, France, the Czech Republic. Yet the potential is real: Mongolia could one day join its neighbor as a global nuclear fuel supplier.
Kazakhstan’s reliance on in-situ recovery (ISR) technology offers valuable lessons. The method is considered safer and less environmentally intrusive, and local communities in Kazakhstan rarely report any complaints.
Conclusion
Kazakhstan’s uranium and nuclear journey embody the intersection of natural wealth, historical legacy, and future ambition. As the world strives for clean and secure energy, Kazakhstan holds a powerful card. The country is poised not only to remain the world’s leading uranium producer but also to develop domestic nuclear energy while balancing the interests of East and West. From the quiet sands of Kyzylorda to the waters of Lake Balkhash, Kazakhstan’s nuclear story has only just begun.
*The Manhattan Project was a secret program during World War II by the United States, the United Kingdom, and Canada to develop nuclear weapons.
