Storms Disrupt Uranium Mining Operations in Kazakhstan, Impacting Global Supply

Severe storms in southern Kazakhstan have disrupted operations at multiple uranium mines, including the crucial Inkai mine and processing complex, according to a report by Global X ETFs. The disturbances have constrained the delivery of reagents, affecting production at the Inkai facility.

Global X ETFs highlighted the challenges faced by uranium miners amidst the disruptions. Despite uranium spot prices consolidating below $100 due to various factors such as utilities’ buying pause and hedge funds’ profit-taking, prices have remained at levels not seen in 16 years. The market has been buoyed by global governments’ support for nuclear energy, with expansion plans announced by countries like Ukraine and Serbia. The flooding in Kazakhstan, where Kazatomprom, the main producer of uranium, operates, has exacerbated supply constraints in the market. Storms caused by melting snow have further hindered operations at multiple uranium mines in the region, including the Inkai mine and processing complex.

The Inkai […]

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