Zimmermann and Baiguzhin at Axpo AG's Swiss headquarters, where the contract was signed

Kazakhstan's national atomic company Kazatomprom has signed its first-ever contract to supply uranium to Swiss nuclear power plants.

The contract between Kazatomprom and Axpo Power AG, alongside Kernkraftwerk Leibstadt AG (KKL), is for the supply of natural uranium concentrates for Beznau and Leibstadt nuclear power plants, the Kazakh company said.

Nuclear power from four generating units - two at Beznau, and single units at Leibstadt and Gosgen - accounts for about 29% of Swiss energy generation. In December, Axpo announced plans to invest a further CHF350 million (USD400 million) to enable the two-unit Beznau nuclear power plant to operate until 2033. The Beznau units are the oldest of Switerland's operating nuclear power plants: unit 1 has been in commercial operation since 1969 and unit 2 since 1972.

Axpo Power Head of Nuclear Fuel Bruno Zimmermann said the contract is of strategic importance for the diversification and security of the Swiss companies' fuel supplies. "Nuclear energy is a key element of our country’s low-carbon energy strategy, making reliable fuel supplies critically important. Including Kazatomprom among our suppliers strengthens our ability to ensure stable energy supply for Switzerland and contributes to global decarbonisation efforts," he said.

Kazatomprom said the contract with Switzerland's largest energy company opens a new chapter in its cooperation with nuclear power plant operators in Europe and strengthens its position in the global uranium market, and Chief Commercial Officer Vladislav Baiguzhin said the contract paves the way for "important" cooperation.

"The expansion of our sales geography highlights the recognition of Kazatomprom as a reliable supplier of uranium on the global market. This contract represents an important step in our ongoing strategy to diversify our sales channels. It is also a key element in advancing energy security and decarbonisation efforts, strengthening our partnership and ensuring the long-term supply of natural uranium for Switzerland's nuclear energy sector," Baiguzhin said.

In January, the Kazakh company said it intended to continue to diversify sales as part of its development strategy for the next decade.