NAC Kazatomprom Facing Challenges in Meeting Uranium Production Targets
NAC Kazatomprom, the world's largest producer of uranium, has issued a warning stating that its production plans for 2025 might be hindered by construction delays and ongoing difficulties in obtaining sulfuric acid, a vital component for the extraction of the heavy metal.
Despite flat production results in the fourth quarter of 2023 and a minor decline of 1% for the entire year, Kazakhstan's state uranium company remains cautiously optimistic about its prospects for 2024. However, it does anticipate production levels at its uranium-mining operations to be approximately 20% lower than the levels permitted due to delays in constructing surface facilities and essential infrastructure.
While Kazatomprom foresees some growth in the coming year, it notes that a swift return to full production volume relative to subsoil use agreements may be at risk. The company assures that its current inventory levels will adequately fulfill existing contractual obligations throughout 2024.
Sales volumes experienced a considerable increase of 94% in the fourth quarter and a modest 10% increase for the overall year.
Looking ahead to 2024, Kazatomprom projects a production range of 21,000 to 22,500 metric tons of uranium, with an attributable output ranging from 10,900 to 11,900 tons.
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