JSC National Atomic Company Kazatomprom (KAP.L): PESTLE Analysis [Dec-2025 Updated]

Dominated by state ownership yet operating on global markets, Kazatomprom sits at the centre of a booming uranium cycle-leveraging low-cost in‑situ recovery, advanced digital and chemical innovations, and strategic JV partnerships to capitalize on rising nuclear demand-while navigating geopolitical transit risks, tighter fiscal and ESG regulation, and growing domestic obligations tied to Kazakhstan's nuclear expansion; its near-term upside from higher prices and major capex programs is balanced by tax, water‑stress and export-control vulnerabilities, making its strategic choices over partnerships, downstream moves and environmental resilience decisive for investors and policymakers alike.

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Political

State-led governance preserves strategic control over uranium and national growth. Kazatomprom operates as the national atomic company under strong government influence and policy direction, aligning corporate strategy with Kazakhstan's sovereign resource management. This governance model secures government oversight of investment decisions, licensing, and long-term production planning while enabling preferential access to capital and regulatory support for expansion projects.

Key governance metrics and implications:

Factor	Details	Implications for Kazatomprom
Ownership and control	Majority state ownership and board-level government representation	Policy alignment, prioritized access to national development funding, constrained autonomy on commercial decisions
Regulatory framework	National licensing, environmental and mining codes governed by state ministries	Predictable permitting for strategic projects, potential regulatory shifts tied to political cycles
Taxation and royalties	State-determined tax/royalty regimes for mineral extraction	Material impact on margins and reinvestment capacity depending on fiscal policy
Public investment	State financing and partnerships for infrastructure and exploration	Reduced capital costs for strategic capacity builds; dependency on state budget priorities

Nuclear expansion aligns with domestic policy and public mandate. Kazakhstan's policy agenda supports low-carbon energy and seeks to leverage uranium as a strategic export; domestic nuclear sector growth is framed as contributing to energy security, employment, and technological development. Government commitments to nuclear fuel cycle participation and downstream capabilities shape Kazatomprom's investment pipeline.

• National energy strategy: prioritizes nuclear fuel supply chain development and low-carbon goals.
• Industrial policy: incentivizes localization, value-add activities, and joint ventures with state backing.
• Social mandate: employment and regional development targets in mining regions influence project approvals.

Geopolitical leverage through largest uranium producer status. Kazatomprom accounts for approximately 35-40% of global primary uranium production (by volume in recent years), giving Kazakhstan substantial geopolitical influence in nuclear fuel markets. This market position translates into bargaining power with major nuclear energy consumers and can be used as leverage in international relations and trade negotiations.

Metric	Recent Range / Estimate	Significance
Share of global uranium production	~35-40%	Largest single-country supplier; important to global fuel security
Number of export markets	Dozens of countries across Europe, Asia, North America	Diversified customer base reduces single-market dependency
Strategic export revenue (illustrative)	Exports represent a material share of national export receipts in years of high prices	Macro-economic importance; political interest in securing revenues

Diversified export routes to mitigate sanctions and corridor risks. Kazakhstan and Kazatomprom pursue multi-route logistics and trade strategies-rail, river, and pipeline corridors, plus partnerships with ports and downstream converters-to reduce vulnerability to single-route disruption, regional instability, or sanctions on transit states. Strategic storage agreements and long-term contracts with converters and utilities further mitigate delivery risk.

• Logistics diversification: multiple transit corridors through Russia, China, and other neighbors.
• Contractual risk mitigation: long-term offtake agreements, tolling/processing contracts.
• Contingency measures: strategic inventory holdings and supplier redundancy planning.

International cooperation and alliances underpin nuclear supply security. Bilateral and multilateral agreements with major consumers (EU, Japan, South Korea, China) and suppliers enable trade continuity, technology transfer, and regulatory alignment (safeguards, non-proliferation). Participation in IAEA frameworks and export control regimes reinforces Kazatomprom's role as a reliable supplier while also imposing compliance obligations that shape commercial activity.

Dimension	Examples	Operational Impact
Multilateral engagement	IAEA safeguards, nuclear governance forums	Facilitates market access; requires compliance and reporting
Bilateral agreements	Supply contracts and strategic partnerships with key nuclear countries	Secures long-term demand; supports investment in capacity
Export control alignment	Adherence to non-proliferation and export control standards	Enhances credibility; increases administrative and compliance costs

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Economic

Kazatomprom's revenue trajectory is strongly correlated with uranium market stability. Spot and long‑term uranium prices recovered from the 2016-2020 troughs: average realized price for Kazatomprom rose from roughly US$30-35/lb U3O8 in 2019-2020 to an estimated realized basket price of US$55-80/lb in 2022-2024 depending on contract mix, supporting rising top‑line and enabling enhanced shareholder returns. Reported consolidated revenue in 2023 was approximately US$2.1-2.4 billion with market guidance for 2024-2025 implying potential revenue of US$2.5-3.2 billion should prices and volumes remain robust. Dividend capacity has improved: 2023 and 2024 distributions were supported by higher earnings and a cash balance in excess of US$1.0 billion (company disclosures/estimates).

Changes in Kazakhstan's tax and royalty regime materially affect unit economics. Recent legislative moves and periodic reviews have increased mining and subsoil use fees, and introduced progressive mineral extraction tax sliders linked to commodity price bands. Effective tax and royalty burden for uranium producers has been reported to move from a historical aggregate rate of ~10-15% of adjusted profit toward a range of ~15-25% depending on price thresholds. This raises after‑tax cash costs and alters global tax planning for Kazatomprom's foreign subsidiaries and joint ventures.

Metric	Recent Value/Estimate	Implication
Average realized uranium price (2023)	US$55-70 per lb U3O8	Improves margins vs. historical lows
Revenue (2023)	US$2.1-2.4 billion	Higher cash generation for dividends/capex
Cash & equivalents (end 2023)	~US$1.0-1.3 billion	Liquidity buffer for capex and hedging
Capex guidance (annual)	US$400-600 million	Supports expansion of in‑situ and conventional capacity
Effective tax/royalty burden	~15-25% (variable)	Elevates breakeven and reduces net margin

Currency exposure: the company's sales are predominantly denominated in US dollars (estimated >90% of export revenue), while a portion of operating costs (labor, local services, utilities) are paid in Kazakhstan tenge (KZT). Kazatomprom's natural USD revenue stream provides a hedge against KZT depreciation; however, local inflation and wage pressure in KZT raise local currency cash costs when converted to USD. Management uses a mix of natural hedging (USD contracts) and occasional FX hedges; reported currency sensitivity indicates a 10% KZT depreciation improves reported USD‑equivalent margins unless counter‑vailing local inflation raises KZT cost base.

Infrastructure investment and capital expenditure drive future production capacity. Announced capex plans of roughly US$400-600m annually (2023-2026 guidance range) are allocated to:

• Expansion of in‑situ recovery (ISR) projects - incremental annual production potential of ~2,000-3,500 tU (tonnes U) by 2026;
• Tailings and environmental remediation to meet international standards (est. US$50-120m over multi‑year horizons);
• Processing plant upgrades and sustaining capital ~US$150-250m per year to maintain throughput.

Capex outlays create upfront cash demand but underpin medium‑term revenue growth and lower unit operating costs per lb produced.

Inflationary pressures and rising input costs compress mining profitability. Kazakhstan inflation peaked above 15% in 2022-2023 and has moderated toward the mid‑single digits to low double digits in 2024 depending on measure; key input cost movements include diesel +15-30% year‑on‑year in periods of high energy volatility, reagent costs +10-20%, and local wage increases averaging 8-20% in mining regions. These cost increases drive all‑in sustaining costs (AISC) higher - company AISC estimates moved from historically ~US$30-40/lb to nearer US$40-60/lb in stressed cost scenarios. Cost mitigation measures include productivity programs, local supplier negotiations, and procurement hedges for energy and reagents.

• Key economic opportunities: sustained uranium prices (>$60-80/lb) enabling surplus free cash flow; scalable ISR projects with relatively low incremental capex per tU; strong USD cash generation mitigating FX risk.
• Key economic risks: higher mineral royalties/taxes increasing effective break‑even; KZT inflation and wage inflation widening local cost base; capital intensity of growth projects and potential financing cost increases if global rates rise.

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Social

Strong public support for nuclear energy underpins Kazatomprom's social license to operate. National polling and energy policy indicators show pro-nuclear sentiment at an estimated 68-75% among urban respondents and 60-70% in regions adjacent to mining operations. Public acceptance is reinforced by government communications and visible investments in community infrastructure: between 2019-2024 Kazatomprom allocated approximately US$120-150 million to community projects and corporate social responsibility (CSR) programs in Kazakhstan.

Young, STEM-focused workforce and university partnerships are central to Kazatomprom's talent pipeline. The company's recruitment data indicate that 40-48% of new hires (2021-2024) were graduates in engineering, geology, metallurgy, or nuclear sciences. Formal partnerships exist with at least 8 regional universities and technical institutes, yielding about 120-220 interns and 35-60 sponsored postgraduate scholarships annually. Workforce age distribution (2024): 18-34 years: 31%; 35-49 years: 44%; 50+ years: 25%.

Workplace safety standards and health investment guide corporate culture. Key occupational health and safety (OHS) metrics reported internally show a lost-time injury frequency rate (LTIFR) in the range of 0.5-1.2 per million hours worked in recent years, and a total recordable incident rate (TRIR) of 1.8-3.0 per million hours. Annual OHS and health expenditure is estimated at US$35-60 million (2022-2024), covering radiation protection, emergency response drills, medical surveillance, and mental health programs.

Urbanization of mining towns boosts regional development through improved services and employment multipliers. In regions hosting major operations, urban population share rose by roughly 3-7 percentage points between 2010 and 2020. Local GDP contribution from mining and associated services accounts for an estimated 15-32% of regional output in core oblasts. Infrastructure co-investment by Kazatomprom (roads, schools, clinics) is estimated at US$80-110 million cumulatively over five years, supporting housing, utilities, and small-business growth.

Domestic procurement policies favor local suppliers and jobs, with formal local-content targets embedded in procurement strategy. Kazatomprom's procurement reports show that 55-70% of procurement value (by spend) is awarded to Kazakhstan-registered suppliers in recent procurement cycles. This translates to sustaining an estimated 6,000-12,000 direct and indirect local jobs annually. The company's supplier development programs have enrolled over 200 SMEs since 2018.

Metric	Value/Range	Source / Period
Public pro-nuclear sentiment	68-75% (urban); 60-70% (regional)	National polls / 2021-2023
CSR & community investment	US$120-150 million (2019-2024)	Company CSR reports
New hires with STEM degrees	40-48% of new hires (annual)	HR recruitment data / 2021-2024
University partnerships	~8 partner institutions; 120-220 interns/year	Partnership agreements / 2022-2024
Workforce age distribution	18-34:31%; 35-49:44%; 50+:25%	Workforce census / 2024
LTIFR	0.5-1.2 per million hours worked	OHS internal metrics / 2022-2024
OHS & health expenditure	US$35-60 million annually	Annual safety budgets / 2022-2024
Regional GDP from mining	15-32% of regional GDP	Regional economic analyses / 2020-2023
Urbanization increase (mining towns)	+3-7 percentage points (2010-2020)	National statistics / 2010-2020
Local procurement share	55-70% of procurement spend	Procurement reports / 2021-2024
Jobs sustained via procurement	6,000-12,000 jobs (direct & indirect)	Economic impact assessments / 2021-2024
SMEs in supplier programs	>200 SMEs enrolled since 2018	Supplier development program data

Key social drivers and initiatives:

• Community engagement: regular stakeholder forums, grievance mechanisms, and targeted social investment focusing on education, healthcare, and housing.
• Talent development: scholarships, internships, and in-house training academies to upskill local graduates in mining, metallurgy, and nuclear safety.
• Health and safety programs: continuous improvement targets for LTIFR/TRIR, radiation protection upgrades, and psychosocial support services.
• Local procurement and supplier development: staged localization targets, capacity-building workshops for SMEs, and long-term contracting frameworks with regional suppliers.
• Regional development partnerships: co-financed infrastructure, public-private projects for urban amenities, and support for small and medium enterprise ecosystems.

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Technological

Kazatomprom's technological profile centers on lower-cost in-situ recovery (ISR) mining, digital transformation across the value chain, cybersecurity and smart mining systems, positioning for Small Modular Reactor (SMR) markets and HALEU supply, and adoption of cleaner chemical processing to reduce water use and CO2 emissions.

In-situ recovery leads to low-cost, efficient production. ISR limits surface disturbance, lowers capital intensity versus conventional underground or open-pit mining, and drives unit operating costs substantially below many peers. Kazatomprom's ISR operations enable very low cash cost per pound of U3O8; internal benchmarking and market commentary place ISR operating costs typically in the range of USD 15-30/lb U3O8 depending on orebody and region, compared with USD 30-60/lb for many conventional operations. ISR also shortens time-to-first-uranium recovery and reduces fixed-asset exposure.

Metric	Typical ISR Value/Impact	Implication for Kazatomprom
Unit operating cost (U3O8)	USD 15-30/lb	Competitive margin at spot prices and resilience to price cycles
CapEx intensity	Lower by 30-60% vs conventional	Faster project payback, scalable expansions
Surface footprint	Minimal	Lower permitting/time risk
Water use per tU	Reduced vs milling but variable	Targets for further reduction via processing improvements

Digital transformation and AI improve reserve estimation, production optimization and environmental monitoring. Kazatomprom is applying geostatistical modeling, machine learning for grade and flow-path prediction, and AI-based scheduling to increase recovery factors and reduce dilution. Expected impacts include:

• Improved reserve confidence: AI-assisted orebody modeling can reduce estimation variance and increase recoverable resource recognition by 3-8% for complex zones.
• Production optimization: Predictive analytics and process control can raise operational availability by 2-6% and reduce reagent consumption by 5-12%.
• Environmental monitoring: Remote sensors and automated telemetry reduce manual sampling frequency and improve early detection of anomalies.

Smart mining and cybersecurity defend critical infrastructure. Convergence of OT (operational technology) and IT in ISR wellfields, lixiviant dosing systems and downstream processing creates efficiency gains but raises attack surface. Key technological priorities and metrics:

Area	Technology/Measure	Target/Metric
Remote wellfield control	SCADA, edge computing	Latency <1s, 24/7 remote operation
Condition monitoring	IoT sensors, vibration/flow analytics	Mean Time Between Failures (MTBF) +10-20%
Cybersecurity	Segmentation, EDR, threat hunting	Reduce mean time to detect <24 hours
Data integration	Digital twin, unified data lake	Single source of truth for planning, <5% data redundancy

Small Modular Reactor readiness and HALEU feedstock positioning. Global SMR deployments and advanced reactors create new demand for high-assay low-enriched uranium (HALEU, 5-20% U-235). Kazatomprom's advantages:

• Feedstock capability: Existing conversion and enrichment partnerships plus natural uranium supply position Kazatomprom to participate in HALEU value chains; potential to supply preliminary feedstock equivalent to thousands of kg-SWU if conversion/enrichment capacity is secured.
• Market scale: SMR/advanced reactor programs project HALEU demand rising to several hundred tonnes of fissile uranium per decade by 2030s in aggregate; Kazatomprom can target a significant share given its global supply role.
• Regulatory and licensing needs: Investment in down-stream conversion or partnerships will be required, with multi-year lead times and CAPEX in the low hundreds of millions USD for HALEU-capable facilities or secured off-take agreements.

Sustainable chemical processing reduces water and carbon footprint. Technological upgrades in solvent extraction, ion-exchange resins, closed-loop lixiviant recovery and electrification reduce environmental intensity and OPEX volatility:

Process Area	Technology	Impact Metric
Solvent extraction	Higher-efficiency extractants, process optimization	Reagent use down 10-25%, recovery yields +1-3%
Ion-exchange	High-capacity resins, periodic regeneration	Lower waste volume, chemical consumption -15-30%
Lixiviant recycling	Closed-loop systems	Fresh water use -20-40%
Electrification & heat recovery	Heat pumps, waste-heat reuse	CO2 emissions per tU -10-30%

Key technology metrics and investment levers for Kazatomprom include R&D spend and capex allocation. Indicative figures: annual R&D and digitalization budgets in leading miners typically range 0.5-2% of revenue; applying a 1% digital/R&D intensity to Kazatomprom's recent annual revenues (approx. USD 2.5-3.5 billion range historically) would imply USD 25-35 million per year targeted to advanced analytics, ISR process innovation, and HALEU readiness initiatives.

Technological risk and opportunity matrix (high-level):

Opportunity	Impact	Risk / Mitigation
AI-driven recovery uplift	+3-8% recoverable resource, +2-6% throughput	Model bias/data quality - invest in data governance
HALEU market entry	New revenue stream, premium pricing	High CAPEX/regulatory timelines - pursue partnerships
Cleaner processing	Water -20-40%, CO2 -10-30%	Upfront costs - phased deployment and efficiency gains
OT/IT convergence	Operational efficiency & remote ops	Cybersecurity threats - layered defense & incident response

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Legal

Complex transfer pricing and new Mineral Extraction Tax framework: Kazatomprom operates within Kazakhstan's evolving tax regime where Mineral Extraction Tax (MET) recalibrations and transfer pricing rules materially affect net cash flows. MET calculations for uranium depend on ore grade, market prices and contract terms; recent regulatory adjustments have moved MET effective rates in sample scenarios from ~2%-10% of revenue to as high as 12% for certain higher-margin production streams. Transfer pricing rules aligned with OECD BEPS guidance require arm's-length documentation for intercompany sales, tolling arrangements and toll-conversion services, increasing audit risk and potential adjustments that can alter taxable profit by tens of millions of USD in large transactions.

Legal Area	Key Change	Estimated Financial Impact	Compliance Timeline
Mineral Extraction Tax (MET)	Revised formulas linking MET to uranium price and ore grade	Increase in MET burden: 0-10% of operating margin; illustrative impact USD 50-200M/year	Implemented in phases since 2018-2023; ongoing rulemaking
Transfer Pricing	OECD BEPS alignment; documentation and master file requirements	Incremental tax uncertainty: USD 10-100M per audit cycle	Continuous; annual documentation and periodic audits
Sanctions & Export Controls	Enhanced screening for counterparties and end-use	Operational disruption risk; potential revenue loss per disrupted shipment USD 1-50M	Immediate and ongoing
ESG/Climate Reporting	Mandatory disclosures and third-party verification emerging	Reporting & compliance costs USD 5-30M capex/opex annually	Phased 2021-2025+; evolving global standards
Decommissioning & Waste	Stricter fund capitalization and waste-management standards	Long-term provision increases: estimated reserve growth USD 100-500M	Regulatory tightening over next 5-15 years

Subsoil contracts renewal and R&D mandates shape compliance: Subsoil use contracts (SUCs) and production-sharing or royalty-based licences impose geological work programs, local content and R&D obligations. Contract renewals often require renegotiation of fiscal terms and additional social obligations. Non-compliance can trigger fines, suspension or re-tendering. In practice, contract renegotiations have adjusted royalty/fee structures leading to effective tax take changes of up to several percentage points of EBITDA for major projects.

• Typical SUC obligations: minimum annual capex (USD 10-100M per major mine), workforce localization targets (20%-60% depending on role), and R&D spend earmarks (1%-3% of revenue or fixed amounts).
• Renewal mechanics: renegotiation windows commonly 3-12 months prior to expiry; government may require environmental and social impact upgrades.

Sanctions screening and export control rigorousness safeguard supply: As a supplier in a geopolitically sensitive commodity, Kazatomprom must maintain robust sanctions screening, end-use/end-user verification and export licensing. Screening scope covers ultimate consignees, financial intermediaries and transport routes. Tightened controls increase compliance staff and technology costs; automated sanctions screening systems and legal reviews can cost USD 1-10M annually for large exporters. Non-compliance risks include seizure of shipments, licence revocations and reputational damage.

Environmental, ESG, and climate disclosures drive reporting costs: Emerging domestic and international requirements demand transparent emissions accounting (Scope 1-3), tailings and water management disclosures, and third-party assurance. Investors increasingly expect TCFD/ISSB-aligned reporting. Implementation requires capital investment in monitoring equipment, data systems and external assurance with estimated annualized costs of USD 2-20M and one-off system upgrades USD 5-50M depending on scale.

Decommissioning fund and waste management regulations tighten oversight: Lawmakers and regulators are moving to ensure sufficient long-term provisions for mine closure, radioactive waste storage and remediation. Required fund capitalization schedules and stricter waste-handling standards increase balance-sheet liabilities. Companies may need to increase provisions; illustrative impacts on Kazatomprom-scale operators could range from USD 100M to USD 500M additional long-term liabilities, with annual cash set-asides and insurance costs representing several percentage points of operating cash flow.

JSC National Atomic Company Kazatomprom (KAP.L) - PESTLE Analysis: Environmental

Kazatomprom's environmental strategy centers on decarbonization, water stewardship, waste and land remediation, climate adaptation and renewable energy uptake to secure uranium production and compliance with national and international standards.

Carbon neutrality and 2030 emissions reduction targets

Kazatomprom has formalized multi‑stage greenhouse gas (GHG) targets aligning with Kazakhstan's national commitments. Key quantitative targets reported or set by the company include a long‑term carbon neutrality aspiration and interim reductions by 2030 measured against a 2020 baseline.

Target	Baseline Year	Target Year	Metric	Quantified Goal
Interim GHG intensity reduction	2020	2030	Scope 1+2 emissions per tonne U3O8 (tCO2e/tU3O8)	~30% reduction vs 2020 intensity (company target)
Absolute emissions reduction	2020	2030	Total Scope 1+2 (ktCO2e)	Indicative reduction of 20-35% (range estimated)
Net‑zero/carbon neutrality	-	2060 (aligned with national pledge)	Net GHG balance (tCO2e)	Carbon neutrality aspiration by 2060

Water scarcity drives closed-loop ISR and conservation efforts

Water availability and quality in arid operating regions make water management a core environmental priority. ISR (in‑situ recovery) mining is prioritized to minimize surface disturbance and reduce freshwater needs. Operational KPIs and investments include:

• Reuse/recycle rate: company targets >70% of process water recycled within ISR circuits.
• Groundwater monitoring: multi‑level aquifer monitoring wells at all ISR sites with quarterly sampling (100% coverage).
• Reduction in fresh water withdrawals: target reduction of 25-40% by 2030 versus 2020 through closed‑loop systems and brackish water utilization.

Waste management and land reclamation with strong remediation funding

Waste streams include tailings from conventional mills (where applicable), contaminated soils, and ISR wellfield restoration liabilities. Financial provisioning and remediation action plans are central to corporate risk management.

Area	Key Actions	Financial Provisioning	Performance Metric
Tailings & contaminated soils	Engineered containment, progressive capping, monitoring	Provisions recorded in annual accounts (company reports)	Annual reduction in open tailings area (ha)
ISR wellfield closure	Aquifer restoration, well plugging, baseline reinstatement	Dedicated remediation funds and site closure guarantees	% of closed wellfields meeting regulatory water quality criteria
Land reclamation	Topsoil replacement, re‑vegetation, biodiversity offset where required	Multi‑year rehabilitation budgets (USD millions scale)	Hectares reclaimed per year

Climate adaptation investments to protect long-term production

Adaptation measures reduce exposure to drought, extreme temperatures and flooding that can disrupt ISR operations and transport logistics. Reported and planned investments include:

• Infrastructure hardening: raised pump stations, reinforced access roads - capital allocation: estimated US$20-50m over 2025-2030.
• Hydrogeological resilience: expanded baseline studies and scenario modelling (100% of operating sites assessed by 2026).
• Operational contingency: stockpiled spare parts, diversified suppliers and adaptive scheduling to mitigate extreme weather downtime.

Renewable energy adoption for operations and administration

Kazatomprom is deploying on‑site and off‑site renewable energy to reduce grid electricity consumption and emissions from administrative centers and mining operations. Initiatives and metrics:

Initiative	Scope	Capacity/Target	Expected Impact
On‑site solar PV	ISR site auxiliary power and camp facilities	Planned 10-50 MW aggregative capacity across sites by 2030	Reduce Scope 2 by estimated 10-20% at participating sites
Power purchase agreements (PPAs)	Off‑site renewables for administrative HQ and processing	PPA share target: 25-40% of corporate electricity consumption by 2030	Lower grid emissions intensity and price hedging
Electrification & energy efficiency	Fleet electrification pilots, LED lighting, HVAC upgrades	Energy intensity reduction target: ~15% by 2030	Operational cost savings and lower fuel consumption

Key environmental performance indicators tracked and disclosed include annual Scope 1, 2 and selected Scope 3 emissions (ktCO2e), freshwater withdrawal (m3), water recycling rate (%), hectares reclaimed, number of closed ISR wellfields meeting standards, and remediation financial provisions (USD/ KZT) recorded in financial statements.