Severe Storms Disrupt Uranium Mining Operations in Southern Kazakhstan

01/05/2024

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Recent severe storms in southern Kazakhstan have caused significant disruptions to operations at various uranium mines, including the vital Inkai mine and processing complex, as outlined in a report by Global X ETFs. These disturbances have led to logistical challenges, particularly in the delivery of reagents, consequently impacting production at the Inkai facility. Despite uranium spot prices stabilizing below $100, attributed to factors like utilities' purchasing hiatus and profit-taking by hedge funds, prices have remained at levels unseen in 16 years, according to Global X ETFs. The market's resilience is partly bolstered by government support for nuclear energy, with expansion initiatives announced by countries like Ukraine and Serbia. The flooding, primarily in the region where Kazatomprom operates, Kazakhstan's leading uranium producer, has intensified supply constraints. Melting snowstorms have further impeded operations at several uranium mines, including the Inkai mine and p

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Source and Credit: thedeepdive.ca