The Kazakh uranium mining company Kazatomprom has announced that it will end its uranium production cuts and increase its production volumes to a 100% level relative to Subsoil Use Agreements in 2025. The company started its voluntary uranium production cuts seven years ago in order to stabilise prices, keeping production 20% below total Subsoil Use Contracts level. In 2024, Kazatomprom will keep its production 10% below the Subsoil Use Contracts level, before returning to full capacity in 2025.
In 2023, uranium production is expected to stand between 20.5 and 21.5 kt, before increasing to 25-25.5 kt in 2024 and 30.5-31.5 kt in 2025, according to Kazatomprom. Kazakh uranium production stood at around 21.8 kt in 2022, making Kazakhstan the largest uranium producer in the world, far above Namibia (5.8 kt) and Canada (4.7 kt).
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