Management view (head of IR): value over volume — “there is no such price” to ramp up, 2027 output ~flat on 2026; third acid plant delayed ≥6 months by a fossil find, acid <15% of cost.
In one line: Kazatomprom's own voice (company IR, not an independent analyst): value over volume — no uranium price would make it ramp up, output held roughly flat, pounds kept in the ground; sulphuric acid is the operational constraint to watch.
Supply discipline is policy. "There is no such price" that would incentivize higher production; 2027 "more or less" in line with 2026 (2026 guidance 27,500–29,000 tU), and multi-year guidance dropped because the market "has changed significantly" (2026-SEP-17).
Why hold back: Kazakhstan's own nuclear program and an "unraveling" geopolitical backdrop — maximize value per pound rather than volume.
Acid is the soft spot. Third acid plant (800,000 t) halted at least 6 months past end-Q1 2027 by a fossil find; Middle East disruption raised local acid costs, but acid is under 15% of production cost.
Demand view: "ambition to action" on tripling nuclear capacity is what delivers "some proper nuclear renaissance"; Kazatomprom sells to "everyone who's willing to do business."
Transcripts
One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.