Kazakhstan: Uranium Miner Slashes Output Ahead of Privatization
Kazakhstan’s state-run uranium producer has said it plans to cut back output by 20 percent to help prop up depressed global prices for uranium.
KazAtomProm’s announcement comes ahead of a planned share listing that is the latest effort by Kazakhstan to float stakes in a spate of its leading state companies.
The miner said in a November 4 statement that the decision was intended to address a glut of uranium on the global market. The company said the cutback would remain in place for three years, starting from this coming January.
Uranium production at KazAtomProm will be scaled back by 4,000 tons in 2018, which is more than 7 percent of the output that had been forecast by UxC, a publication focusing on the industry. The reduction over three years will amount to 11,000 tons.
KazAtomProm accounts for more than one-third of global production. While committing to reducing output, the company has said it will abide by its outstanding supply agreements.
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