Kazatomprom’s Uranium Shortfall Sparks Speculation of Russian Takeover on Supply

Kazatomprom, Kazakhstan’s national atomic company and the world’s largest producer of uranium, is facing significant challenges as it revises down its production targets. Amid these shortfalls, there is growing speculation that a substantial portion of Kazakhstan’s uranium output is being funneled directly to Russia, further intensifying the geopolitical implications of the company’s struggles.

The most glaring example of Kazatomprom’s difficulties lies within the Budenovskoye joint venture, a partnership between Kazatomprom and the Stepnogorsk Mining and Chemical Combine (SGCC), with Russia’s Rosatom holding a substantial stake through SGCC. Budenovskoye is a critical component of Kazakhstan’s uranium production strategy, particularly sections 6 and 7, which were expected to drive significant increases in output over the coming years.

However, recent reports reveal that production forecasts for these sections have been drastically revised.

Initially, Kazatomprom had planned to produce 2,500 tons of uranium from Budenovskoye’s sections 6 and 7 in 2024, with a sharp increase to […]

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