JSC National Atomic Company Kazatomprom
- 거래소
- IL
- 국가 / 지역
- UK
- 직원 수
- 22,000
종합 밸류에이션 구간 · 보수적 $35–$50 / 적정 $55–$78 / 낙관적 $90–$120. $71.6 기준, 적정 내재가치 구간 내.
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National Atomic Company Kazatomprom JSC explores for, produces, processes, markets, and sells uranium and uranium related products in Kazakhstan, China, the Russian Federation, Canada, France, the United Kingdom, the United States, Jersey, Cayman Islands, the United Arab Emirates, and internationally. The company operates through two segments, Uranium and Ulba Metallurgical Plan. It also processes rare metals; and manufactures and sells beryllium, tantalum, and niobium products. In addition, the company provides communication and security services, and semiconductor materials. Further, it offers research, project, development, and engineering consulting services; drilling services; scientific support; and procurement and transportation services, as well as monitors radiation level and environment conditions. Additionally, the company is involved in the commercial, investment, and administration of finances, goods, and rights; and provision of research, project, development, and engineering consulting services. National Atomic Company Kazatomprom JSC was founded in 1997 and is headquartered in Astana, Kazakhstan.
연혁
Kazatomprom (NAC Kazatomprom JSC) listed via IPO in November 2018 at USD 11.60 per GDR (an 11% float), when the uranium spot price was around USD 29/lb. The shares fell to a low near USD 9 in March 2020 amid the COVID sell-off, with uranium at about USD 24/lb. A recovery followed: by September 2021 the GDR reached USD 39 as the Sprott Physical Uranium Trust (SPUT) began physical purchases and the company signed long-term contracts with China. The stock traded around USD 35 in February 2022 at the outbreak of the Russia-Ukraine war (uranium USD 44/lb), then hit a first peak of USD 53 in January 2024 as the uranium spot price set a record high of USD 107/lb, before pulling back to USD 34 by September 2024 (uranium back to USD 80) after a 17% cut to second-half sales guidance. After a second bottom near USD 25 in April 2025 (uranium USD 63), the GDR reached a second peak of USD 92 in January 2026 (uranium USD 101) and traded around USD 71 by June 2026. In 2025 the company passed the milestone of one billion pounds of cumulative uranium produced. Meirzhan Yussupov became CEO in June 2022, having previously served as a senior vice president within the Samruk-Kazyna group. During 2024-2025, Russia's Rosatom (via Uranium One) transferred key joint-venture stakes to Chinese state enterprises: a 49.979% stake in the Zarechnoye mine to SNURDC Astana Mining (under CNUC) and a 30% stake in the Khorasan-U JV to China Uranium (under CGN).
업계 내 위치
Kazatomprom is the world's largest uranium producer, supplying roughly 22% of global primary supply and producing close to twice the volume of the second-ranked Cameco. In 2025 it produced 25,839 tonnes of uranium on a 100% basis (67.18 million pounds U3O8), of which 13,519 tonnes (35.15 million pounds) were attributable. It is the only country operating commercial-scale In-Situ Leach (ISL) mining for the most part, exploiting Kazakhstan's roll-front sandstone-hosted deposits, which avoids the blasting, milling, and tailings dams of conventional hard-rock mines. This underpins an industry-leading cost position: 2025 C1 cash cost was USD 18.06/lb and all-in sustaining cost (AISC) USD 29.53/lb, placing it at the far left of the cost curve versus Cameco (AISC roughly USD 30-35/lb) and Paladin (roughly USD 38-42/lb). About 70-80% of sales are tied to 3-10 year long-term contracts with floor/ceiling pricing and inflation adjustment, with the remaining 20-30% sold at spot. The sovereign wealth fund Samruk-Kazyna holds a 75% stake, with the remainder listed as GDRs on the London Stock Exchange and on the Astana International Exchange (AIX). Its customer base is concentrated in China (~35%), Europe (~25%), other Asia (~20%), and the US (~15%). Principal peers include Cameco (Canada), which also holds 49% of Westinghouse and extends into reactor design, fuel services, and enrichment; Paladin (Namibian operations, Australia-listed); and Yellow Cake (a UK-listed holder of physical uranium).
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