Global Uranium Production to Remain Constrained, Kazatomprom Says — Commodity Comment

Even though the world is expanding nuclear power use, global uranium supply will continue to be lower than expected as NAC Kazatomprom JSC recently extended production cuts for an additional year, to 2023. Here’s what the world’s largest uranium producer, which on Thursday reported first half results, had to say:

On uranium market:

"The impact of COVID continued to be felt across the industry, and though near term supply continued to decrease, market sentiment has remained cautious."

"Accordingly, after the end of the second quarter, we announced that we are extending the 20% reduction of our production against subsoil use agreements for an additional year, through 2023. This means that for yet another year, global primary production is expected to be over 5,000 tU lower than was previously anticipated.""However, in a world that is expanding its use of nuclear power, we would much rather be seeing a market that is demanding more […]

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