Kazatomprom uranium sales lag behind production

State-controlled Kazatomprom mines uranium in Kazakhstan both independently and through joint ventures. Credit: Kazatomprom The world’s top uranium producer, Kazatomprom (LSE: KAP), reported a 10% increase in production in its first quarter results, while sales were down by more than a half compared to last year’s first quarter.

Output came to 7.2 million lb. uranium oxide (U 3 O 8 ) on an attributable basis, up from 6.4 million lb. U 3 O 8 last year, Kazatomprom said on Thursday.

However, group sales volumes of 7.2 million lb. U 3 O 8 were 55% lower than last year’s first quarter total of 15.8 million lb. U 3 O 8 , according to a release.

The results were generally a disappointment for BMO Capital Markets mining analyst Alexander Pearce, who said in a note on Thursday that by most measures the company’s results were below his previous estimates.Pointing out that group sales were […]

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