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General Market Commentary
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General Energy
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General Market Commentary
Kazatomprom annual output to drop by up to 4,000 tonnes
Kazakhstan- based uranium producer Kazatomprom said on Tuesday it expects its annual uranium production volume to fall by up to 4,000 tonnes in 2020. Previous expectations were between 22,750 and 22,800 tonnes.
CEO Galymzhan Pirmatov said the company would fully meet its contractual requirements with customers and that subsidiaries are reducing staff on-site as local restrictions concerning the coronavirus outbreak take hold.
“Measures imposed by the government of Kazakhstan, including restrictions on the movement of people and strict hygiene directives, are now covering all regions where Kazatomprom operates and have been enforced at all of our sites and offices,” said Pirmatov.
The company said it expects to provide updated 2020 guidance on May 4.
Global market
With construction of nuclear power plants at a 10-year low, uranium demand remains weak, holding prices so low that mining companies have been wary of increasing production.