The Kazakh state-owned uranium extraction and nuclear group Kazatomprom’s uranium output declined by 15% in 2020 to 19,477 tU (on a 100% basis); its attributable production volume fell by 19% to 10,736 tU during the year but its sales increased by 2% to 16,432 tU in 2020. In 2021, Kazatomprom plans to produce 22,500-22,800 tU and to sell between 15,500 tU and 16,000 tU of uranium.
In August 2020, the company extended its 20% production cut until the end of 2022, as the uranium market is still recovering from a period of oversupply. The 20% production cut was initially stated in 2018 for a 3-year period. The full implementation of this decision would reduce the anticipated global primary supply in 2021 by more than 5,500 tU. Kazatomprom's 2022 production should stand between 22,000 and 22,500 tU, a 20% reduction of the total expected under the Subsoil Use Contract level (27,500-28,000 tU).
Kazakhstan has been the world’s largest uranium producer since 2009, with a 42.5% share of global production in 2019.