Uranium major Kazatomprom would continue flexing down production by 20% through 2022 to help the market recover from a “long period of oversupply”, CEO Galymzhan Primatov announced on Wednesday.
“We are simply not seeing the market signals and fundamental support needed to ramp up mine development in 2021 and take our low-cost, tier-one production centres back to full capacity in 2022,” he said in a statement, outlining the group’s production plans.
The full implementation of this decision would remove up to 5 500 t of uranium from anticipated global primary supply in 2022, with uranium production in Kazakhstan staying similar to the level expected in 2021.