Kazakhstan plans to reduce uranium production by 10 percent in 2017, Kazakhstan’s National Atomic Company Kazatomprom said in a message Jan. 10.
This decision was made considering current oversupply in the uranium market.
The target uranium production for 2017 will be reduced by 2,000 tons, which is 3 percent of total global uranium production, according to on 2015 UxC Consulting figures.
“It will be better for our shareholders and stakeholders to leave these strategic uranium resources in soil, rather than use them in the current situation of oversupply. The uranium will be produced when the situation improves in the markets in the coming years,” Kazatomprom Chairman Askar Zhumagaliyev said.
Output cut will not impact any contractual commitments.
Kazakhstan’s uranium is produced by Kazatomprom’s subsidiaries and joint ventures with international partners. The exact production levels for each mine and JV were determined and approved.
Even after output cut, Kazatomprom will be the largest uranium production in the world.