Kazakhstan's national atomic company Kazatomprom has announced the signing of two major contracts for the supply of uranium to China's SNURDC and Russia's Uranium One Group. The volumes of the deals have not been disclosed, but it is emphasized that both are significant, reports infohub.kz.

The approval of these deals will be put before the upcoming shareholders' meeting. The first deal is a spot purchase and sale agreement for natural uranium concentrate with State Nuclear Uranium Resource Development Company Limited (SNURDC), a subsidiary of one of China's largest energy companies, SPIC (State Power Investment Corporation).

Deliveries will be made to the Alashankou railway station in China. The company noted that SPIC is authorized by the Chinese government to contract for the transfer of third-generation nuclear power plant construction technologies, including engineering design and subsequent management. Currently, SPIC owns three nuclear power plants in China and holds stakes in several others.

The second deal is an agreement with Uranium One to sell uranium concentrate in the form of U3O8 with physical delivery to the Siberian Chemical Combine. Uranium One is an international group within the structure of Rosatom, managing the Russian state corporation's foreign assets and responsible for the strategic development of its mineral resource base abroad.

Details of both deals, including price and delivery volumes, have not been disclosed.

Additionally, Kazatomprom has published its financial results for the first half of the year. The company's net profit decreased by 9% compared to the same period last year, amounting to 240 billion tenge. The decline is attributed to higher exchange rate losses and increased financial expenses.

At the same time, revenue grew by 9% to 717.8 billion tenge, driven by high prices for nuclear fuel. The group's average selling price increased by 16% to $67.88 per pound. Production volumes also rose by 9% to 13.3 thousand tons, and including the share of associates, to 7 thousand tons (+10%).

Sales in annual terms remained almost unchanged at 7.6 thousand tons, but own sales excluding companies in which the group has a stake decreased by 13% to 6 thousand tons.

Earlier, Kazatomprom had already explained the reasons for the decline in uranium sales in the first half of the year.