BAKU, Azerbaijan, November 1. Kazakhstan plays a very important and positive role in world uranium markets, Matthew Bunn, professor of the Practice of Energy, National Security, and Foreign Policy at the Harvard Kennedy School, told Trend.
"Kazakhstan is presently the world's greatest uranium producer, with a significant and favorable impact on global uranium markets. Given that several nations are currently attempting to lessen their reliance on Russia in the nuclear fuel cycle, I hope Kazakhstan will become less reliant on sending its uranium to Russia for processing and instead sell its uranium directly without Russian involvement," he said.
According to him, supplies from Kazakhstan, Canada, Australia, and other suppliers are all needed to fill global demand at reasonable prices.
"The uranium market is highly predictable since everyone knows how many nuclear reactors exist and how much uranium they consume, and it takes years to create more. In a competitive market, suppliers will aim to get as much market share as possible while keeping prices low enough to maintain profits. That is a regular occurrence in competitive markets. Unfortunately, in the uranium market, competition, some unexpected shifts in demand (such as reduced demand following the Fukushima accident), and unexpected shifts in supply (such as when some mines have problems and halt production) have caused prices to be quite volatile, making it more difficult for all suppliers to earn stable profits," he noted.
The professor also commented on the possible construction of a nuclear power plant in Kazakhstan.
"It’s up to each country to decide what kinds of energy sources best suit its needs. I’m glad to hear that the government of Kazakhstan has decided to give the people a voice by putting this question to a referendum," he added.
On September 29, 2023, Kazakhstan's Kazatomprom presented its strategy for uranium production for 2025. The Board of Directors of Kazatomprom approved the company’s strategy to increase uranium production volumes in 2025 to 100 percent of the level planned under subsoil use contracts.
Kazakhstan ranks second in the world in terms of proven reserves of natural uranium. About 14 percent of all proven world reserves are concentrated in the depths of the Republic of Kazakhstan. The country's total proven reserves are estimated at more than 700,000 tons of uranium.
In 2009, Kazakhstan took first place in uranium production in the world and continues to maintain a leading position in the world market. Kazakhstan produces about 40 percent of the world's uranium production. In 2021, the volume of uranium production amounted to 21,800 tons, according to the results of 2022—21,300 tons.