Kazakhstan’s Investment Conditions Have Worsened, Canadian Miner Says

Canadian miner Laramide Resources has announced the termination of an agreement to explore the Chu-Sarysu Project, a complex of 22 uranium deposits in the Sozak district in southern Kazakhstan, citing the country’s risky investment climate.

In September 2024, Laramide signed a framework agreement with Astana-based Aral Resources, with an intention to make a large investment into the country’s resource base.

Since the government made substantial amendments to the Subsoil Code in late December 2025, however, conditions for companies other than national uranium miner Kazatomprom have worsened, Laramide said in a note on January 20.

Among the unfavorable provisions introduced by the new amendments, Laramide pointed to the increased minimum level of ownership by Kazatomprom of any newly discovered uranium resources.

CEO Marc Henderson said the legislative amendments dramatically reduce the economic attractiveness of any new uranium discovery, as well as the incentives for potential foreign participation.

“It appears Kazakhstan may have scored a spectacular own goal with their recent de facto nationalization of future uranium exploration in the country,” Henderson said. “In what may be a world’s first, Kazakhstan appears to have moved pre-emptively to ensure national ownership and control of any new uranium discoveries before they are actually even made.”

The move, according to Laramide’s management, could have to do with Kazatomprom’s own declining resource base, which the state-owned company has said will reach complete exhaustion in 2057.

“This opportunity is now essentially closed for every other commercially oriented company as well,” the company said.

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