The spot price of uranium has more than doubled over the past three years, although it is still well down from a peak of $140 a pound touched in 2007.
For seven years including 2023, the company has produced 20% less than its contracts with the Kazakh government allowed, with this year’s output seen at 20,500-21,500 tonnes.
In 2024, Kazatomprom said it would stick to its plan to produce 10% below the contract maximum, or 25,000-25,500 tonnes, while with no restrictions in 2025, production is expected to grow to 30,500-31,500 tonnes, the company said.
“…Our intention to return to a 100% level of Subsoil Use Contracts production volumes in 2025 is primarily driven by our strong contract-book and already growing sales portfolio against conservative 2023-2024 production scenario,” Kosherbayev said.
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