Kazatomprom's profits surged by 129%.

Oil and gas industry analyst Nurlan Zhumagulov notes in his authorial Telegram channel that such a sharp increase in profits is due to gaining control over the Budyonovskoye joint venture—specifically, the one that NAC shares with Rosatom. The share of Kazatomprom in this enterprise is estimated at 296 billion tenge.

“Even without considering the Budyonovskoye asset, Kazatomprom's margin stands at 40%, which KazMunayGas can only dream of. It would be logical to expect an increase in Kazatomprom's stock price against the backdrop of a weakening tenge; however, starting January 1, 2025, Kazakhstan is set to raise the uranium mineral extraction tax rate from the current six to nine percent. Furthermore, from January 1, 2026, additional payments on the mineral extraction tax will be based on production volumes and global uranium prices,” reminded Nurlan Zhumagulov.

Recently, it became known that Kazatomprom has received the right to conduct exploration in the Northern section of the Budyonovskoye field in the Turkestan region, where significant uranium deposits may be located.