Kazakhstan ranks second in the world in terms of proven reserves of natural uranium. About 14% of all proven world reserves are concentrated in the subsoil of the Republic of Kazakhstan. The total explored reserves of the country are estimated at over 700 thousand tons of uranium.

In 2009, Kazakhstan became top uranium producer in the world and continues to maintain a leading position in the world market. Kazakhstan produces about 40% of the world's uranium production. In 2021, uranium production amounted to 21.8 thousand tons.

Uranium mining in Kazakhstan is carried out only by the method of in-situ leaching, which is the most environmentally friendly and the lowest cost method of uranium mining.

Currently, all uranium mined in Kazakhstan is exported to the world market, primarily to China, France, Russia, Canada and other.

Uranium mining is the initial stage of the nuclear fuel cycle (NFC). Kazakhstan maintains its presence in other stages of the nuclear fuel cycle (it has access to services for isotopic enrichment of uranium in the amount of up to 2.5 million of separative work units (SWU) per year, produces uranium oxide powder and uranium dioxide fuel pellets), which provide additional value added to the products.

Taking into account the absence of its own market for the sale of NFC products, Kazakhstan is exploring the possibilities of investing in those stages of the open nuclear fuel cycle that can provide a long-term and significant increase in added value. On November 10, 2021, a plant for the production of finished nuclear fuel (fuel assemblies) was launched on the basis of JSC Ulba Metallurgical Plant.