Kazakhstan’s state uranium producer Kazatomprom will continue to keep its output reduced by 20% until 2022 to help the market recover from a “long period of oversupply”, chief executive officer Galymzhan Primatov announced on 19 August.
“The decision to keep production similar year-over-year, and extend production curtailment into 2022, is indicative of a global uranium market that is still recovering from a long period of oversupply,” he said in a statement, outlining the group’s production plans.
“We are simply not seeing the market signals and fundamental support needed to ramp up mine development in 2021 and take our low-cost, tier-one production centres back to full capacity in 2022.”
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