Kazatomprom Forecasts Uranium Supply Deficit Amid Growing Global Demand

During the “ATOMEXPO-2024” forum, Meirzhan Yusupov, Chairman of the Management Board and Member of the Board of Directors of the National Atomic Company “Kazatomprom” stated that with the increasing demand for nuclear energy worldwide, new players are expected to enter the uranium supply market, as Kazakhstan alone may not be sufficient to meet global needs. While currently, global uranium reserves are estimated at 4.7 million tons, capable of meeting the growing demands for nuclear generation in the coming decades, Yusupov noted a potential future deficit due to escalating generation needs. Despite significant geological exploration efforts, he emphasized the likelihood of a structural deficit post-2030, indicating the insufficiency of Kazatomprom alone to bridge this gap. Yusupov anticipated the emergence of new players in uranium mining, with some junior companies already actively engaged in this sector. He reassured that Kazatomprom, as a global leader, remains committed to fulfilling its contractual obligations in uranium supply.