Kazatomprom lowers 2024 uranium production guidance

ASTANA. Feb 2 (Interfax) - Kazatomprom plans to produce 21,000-22,500 tonnes of uranium in 2024 against 21,112 tonnes in 2023, Kazakhstan's national nuclear company said.

Uranium production could increase by up to 6.6%.

The company expects that uranium production volumes at most mining enterprises will be 80% of the volumes planned under subsoil use contracts. At the same time, the plans approved in August 2022 by the board of directors assumed a greater increase in production volumes in 2024, to 90% of levels planned under the contracts.

Kazatomprom said guidance was adjusted due to difficulties associated with the availability of sulfuric acid and the delay in construction work at new fields.

Kazatomprom is holding negotiations with sulfuric acid producers from neighboring countries to increase supply volumes for 2024. However, if access to sulfuric acid continues to be limited in 2024, this could negatively impact production plans for 2025.

The company has sufficient uranium stockpiled to fulfill its contractual sales obligations in 2024.

Kazatomprom is the national operator of Kazakhstan for the export of uranium and its compounds, rare metals, nuclear fuel for nuclear power plants and special equipment. The company's shares and GDRs are traded on the London Stock Exchange (LSE) and the Astana International Financial Center (AIX) exchange.