Move by Kazakh mining company Kazatomprom threatens to squeeze supplies of the radioactive fuel
Kazatomprom, the world’s largest uranium producer, has slashed its production target for 2025 due to project delays and sulphuric acid shortages, threatening to squeeze supplies of the radioactive fuel vital for nuclear power.
The Kazakh company, which generates a fifth of global uranium supply, cut its target for next year by 17 per cent to a range of 25,000 to 26,500 tonnes of yellowcake. The move is likely to put upward pressure on uranium prices, which have softened from a 16-year high above $100 per lb this year but remain at historically elevated levels above $80 per lb, according to UxC, a pricing data provider.
Meirzhan Yussupov, chief executive of Kazatomprom, said that “the uncertainty around the sulphuric acid supplies for 2025 needs and delays in the construction works at the newly developed deposits resulted in a need to re-evaluate our 2025 plans”.
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