Don’t expect an upswing in the global uranium market anytime soon.
“In our models, we don’t get excited on the demand side,” said Galymzhan Pirmatov, chief executive officer of Kazatomprom, Kazakhstan’s state-owned mining company that’s the world’s biggest supplier.
With construction of nuclear power plants at a 10-year low, uranium demand remains weak. That’s holding prices so low that mining companies have been wary of increasing production.
Kazatomprom’s output will increase about 5% this year, to as much as 22,800 tons, and then will be flat in 2020, Pirmatov said Wednesday in an interview in New York. While he hasn’t yet made a decision on 2021, he doesn’t see much to get excited about, at least in the short term.
“I do believe prices are too low,” he said. Uranium has slumped 15% this year to $24.35 a pound as of Wednesday. Kazakhstan controls about 40% of the world’s supply of the metal, and Kazatomprom accounts for half of that, making it the biggest producer.
For the rest of this article: https://www.bloomberg.com/news/articles/2019-06-05/top-uranium-producer-is-gloomy-about-nuclear-power-for-now