The Kazakhstan state-run uranium extraction and nuclear company Kazatomprom has decided to extend its 20% production cut for one year, until the end of 2021, as the uranium market is still recovering from a period of oversupply, and uranium prices remain low. The full implementation of this decision would reduce anticipated global primary supply in 2021 by more than 5,600 tU. Kazatomprom's 2021 production should remain below 23,000 tU, which is expected to be in line with production in 2019 and 2020. Production levels beyond 2021 still remain to be determined.
The company decided in December 2017 to cut its uranium production by 20% over a 3-year period starting from January 2018, in response to ongoing oversupply in the uranium market. Kazakhstan has been world’s largest uranium producer since 2009, with a 39% share of global production in 2017. Kazatomprom is the national operator of the import and export of uranium and nuclear fuel for power plants. The company accounted for 21% of global production in 2017.