Kazakhstan, one of the world’s largest uranium producers, has agreed to supply a significant quantity of uranium to India under a new contract aimed at fueling the country’s nuclear power plants. The announcement was made by Kazatomprom following recent discussions with India’s Department of Atomic Energy.
The agreement comes after ongoing negotiations between the two sides since their previous uranium supply contract expired a few years ago, with talks gaining momentum in recent months. The fresh deal is expected to strengthen energy cooperation between India and Kazakhstan and support India’s nuclear power generation requirements.
India and Kazakhstan share a history of uranium supply agreements. In January 2009, Kazatomprom signed a contract with the Nuclear Power Corporation of India Limited (NPCIL) to supply 2,100 tonnes of uranium. Later, in July 2015, Kazatomprom entered into another agreement with the Department of Atomic Energy to supply 5,000 tonnes of uranium to India during the 2015–2019 period.
Kazatomprom is engaged in uranium mining, processing of rare metals, and the production and sale of beryllium and tantalum products, with 100 percent of its output exported. The company is state-controlled, with the Samruk-Kazyna holding 62.99 percent of shares, the Kazakh Finance Ministry owning 12.01 percent, and the remaining 25 percent in free float.
