ASTANA, Kazakhstan, January 17. Kazatomprom (Kazakhstan's national uranium company) expects a reduction in uranium production in 2024 compared to planned volumes, Trend reports.
Thus, the company planned to increase production volumes to 90 percent of subsoil use contracts in 2024, compared to 80 percent in 2023. This decision was made in connection with the company's successful conclusion of medium- and long-term contracts with both new and existing clients.
Expectations for a reduction in uranium production in 2024 are due to difficulties in the availability of sulfuric acid, a key component in the uranium production process, as well as delays in completing construction work at new mines.
As the company noted, the company continues to actively search for alternative sources of sulfuric acid supplies. However, the company predicts that achieving 90 percent production levels may be difficult.
At the same time, the company remains committed to its uranium supply obligations in 2024.
In addition, as the company noted, the impact of this situation on operations is currently being assessed. Results will be provided no later than February 1, 2024.
In addition, the company thinks that returning to 100 percent production in 2025 may also be at risk.
Meanwhile, Kazakhstan ranks second in the world in terms of proven natural uranium reserves. The depths of the Republic of Kazakhstan contain around 14 percent of all proven world reserves. The entire proven reserves of uranium in the country are expected to be more than 700,000 tons.
Kazakhstan surpassed the United States in uranium production in 2009 and continues to dominate the global market.
Kazakhstan accounts for almost 40 percent of global uranium output. The volume of uranium production in 2021 was 21,800 tons, while the volume in 2022 was 21,300 tons.