Q2 2024 NAK Kazatomprom AO Earnings Call Transcript
Key Points
- Kazatomprom has demonstrated strong financial performance in the first half of 2024, with a 27% increase in net profit year-on-year.
- The company has secured a new CFO, Marat Tulebaev, who brings extensive experience and knowledge of Kazatomprom.
- Kazatomprom has received production and exploration licenses for several key projects, which are strategic moves to address potential supply and demand imbalances.
- The company is actively building an exploration portfolio for rare metals at its Ulba plant, supported at the highest governmental level.
- Kazatomprom remains committed to fulfilling its 2025 sales commitments despite production plan adjustments, with a comfortable level of inventories to meet these commitments.
- The departure of the CFO, Sultan, may cause some transitional challenges.
- Kazatomprom faces bureaucratic delays in obtaining necessary licenses for the Budenovskoye project, impacting production timelines.
- The company is experiencing uncertainty around sulphuric acid supplies, which is crucial for uranium production.
- Kazatomprom's 2025 production is expected to be lower than initially planned due to delays in construction and sulphuric acid supply issues.
- The upcoming increase in the mineral extraction tax (MET) for uranium starting in 2025 will impact the company's cash cost metrics.
Good time of the day, and welcome to Kazatomprom's conference call to discuss 2024 half-year operating and financial results. My name is Botagoz. I'm leading the Investor Relations team here at Kazatomprom. And thank you for taking the time to join us today.
Our CEO, Mr. Yusupov, unfortunately, cannot join today's call as he is currently in Dushanbe, accompanying the head of the state in his official visit to the Republic of Tajikistan.
Our conversation will begin with a presentation by Mr. Kosherbayev, Chief Strategy and International Development Officer, followed by an opportunity for investors to ask questions. (Operator Instructions) This call is open to all stakeholders, with the question-and-answer portion intended to be an opportunity for members of the investment community to engage with the management team and ask their questions through the phone lines in English.
English-line participants will also have an option to submit questions through the webcast page using the ask-a-question button. The
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