Kazatomprom’s net profit for the first half of 2020 fell 37% year-on-year to 66 billion tenge (about $157m), Kazakhstan’s national uranium company said in its consolidated financial results for the first half-year ended 30 June 2020.
The suspension of drilling operations due to the Covid-19 pandemic will have a significant impact on uranium production this year, the company also said in a press release on Thursday.
The company said the uranium spot price rose in response to the initial announcements of Covid-related supply impacts at the beginning of the second quarter, with intermediaries buying in anticipation of a potential supply deficit, and some producers entering the spot market to replace lost production.
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