Kazatomprom Seeks New Subsoil Deal as Akdala Uranium Agreement Nears Expiry

Kazatomprom has said it is exploring the possibility of securing a new subsoil use agreement for production at the Akdala deposit following the expiry of the existing agreement's 25-year term. The clock is not abstract: the state regulator notified Kazatomprom of the upcoming termination of the subsoil use rights for the Akdala deposit, with the SUA for exploration and production dated 28 March 2001 set to expire on 28 March 2026.

The existing SUA for the Akdala deposit is with joint venture company JV SMCC LLP, which is 30% owned by Kazatomprom and 70% by Uranium One, a part of Russia's Rosatom. That 70% Rosatom-linked stake makes the transfer all the more consequential for anyone watching the geopolitics of uranium supply. Under Article 164 of the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use," following the expiration of the contract, the deposit shall be transferred under a trust management agreement to Kazatomprom as the National company. Kazatomprom has also confirmed that the terms of the initial contract have been fully performed and settled, and all rights of JV SMCC LLP as the subsoil user under the initial contract have been satisfied.

The urgency behind a new SUA is operational, not ceremonial. Upon expiration of the SUA, Akdala deposit is expected to have about 1,500 tonnes of remaining reserves that will require continued development. Leave those reserves sitting, and the problem compounds quickly: based on current production rates, continuous mining is required until 2030 to prevent suspension or disruption of technological process. That four-year window to 2030 is why Kazatomprom frames this not as an optional regulatory exercise but as an operational imperative. Throughout this transition, Kazatomprom remains committed to its key priorities: maintaining social stability, preserving highly qualified human capital, and ensuring operational continuity at the Akdala mine.

CEO Meirzhan Yussupov set the broader context in Kazatomprom's annual results, arguing that the demand environment makes the Akdala continuity question even more pointed. Yussupov said: "The global landscape for nuclear energy has reached a new level of maturity, with uranium establishing itself as the cornerstone of national strategies for resource and energy security, backed by an unprecedented level of government support worldwide." That framing sits alongside a company milestone: Kazatomprom reported 2025 as a year of "profound achievements" and said one billion pounds of uranium had now been mined in Kazakhstan during its three-decade history. For context, Kazakhstan holds 14% of the world's uranium resources and has been the world's leading uranium producer since 2009; in 2025 Kazakhstan produced about 25,839 tU, roughly 40% of the world's total.

The Akdala story is unfolding alongside a separate but equally significant commercial move. On 20 February 2026, Kazatomprom issued a notice to its shareholders regarding an Extraordinary General Meeting to be conducted via absentee voting; the EGM's agenda includes the approval of a long-term contract for the sale and purchase of natural uranium concentrates between the company and India's Department of Atomic Energy, with the agreement providing for the sale of natural uranium concentrates in the form of U3O8, to be delivered physically to India. The counterparty named in the EGM documentation is the Directorate of Purchase and Stores (DPS) of India's Department of Atomic Energy. The transaction value comprises fifty percent or more of the total book value of the company's assets, and under Kazakhstan law, transactions of this magnitude require shareholder approval. Absentee ballots are accepted from 26 March to 6 April, with counting scheduled for 7 April.

With a Rosatom-linked partner exiting Akdala and a long-term sovereign supply deal with India awaiting shareholder sign-off, Kazatomprom is simultaneously managing the end of one era and the shape of what comes next. Whether it pursues a new SUA in its own name or under a restructured JV arrangement remains the central question the company has not yet answered publicly.