{"id":1176739,"date":"2020-04-07T16:46:41","date_gmt":"2020-04-07T21:46:41","guid":{"rendered":"https:\/\/www.mining.com\/?p=1019619"},"modified":"2020-04-07T16:46:41","modified_gmt":"2020-04-07T21:46:41","slug":"kazatomprom-annual-output-to-drop-by-up-to-4000-tonnes","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1176739","title":{"rendered":"Kazatomprom annual output to drop by up to 4,000 tonnes"},"content":{"rendered":"<p>Kazakhstan- based uranium producer Kazatomprom <a rel=\"noreferrer noopener\" aria-label=\"said (opens in a new tab)\" href=\"https:\/\/www.kazatomprom.kz\/en\/media\/view\/covid19_obnovlenie_v_otnoshenii_operatsionnoi_deyatelnosti_kazatomproma\" >said<\/a> on Tuesday it expects its annual&nbsp;uranium&nbsp;production volume to fall by up to 4,000 tonnes in 2020. Previous expectations were between 22,750 and 22,800 tonnes.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>CEO Galymzhan Pirmatov said the company would fully meet its contractual requirements with customers and that subsidiaries are reducing staff on-site as local restrictions concerning the coronavirus outbreak take hold. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> The company expects to provide updated 2020 guidance on May 4 <\/p>\n<\/blockquote>\n<\/figure>\n<p>\u201cMeasures imposed by the government of Kazakhstan, including restrictions on the movement of people and strict hygiene directives, are now covering all regions where Kazatomprom operates and have been enforced at all of our sites and offices,&#8221; said Pirmatov.<\/p>\n<p>The company said it expects to provide updated 2020 guidance on May 4.<\/p>\n<h2>Global market<\/h2>\n<p>With construction of nuclear power plants at a 10-year low, uranium demand remains weak, holding prices so low that mining companies have been wary of increasing production.<\/p>\n<p>\u201cIn our models, we don\u2019t get excited on the demand side,\u201d Pirmatov told Bloomberg.  <\/p>\n<p>There were 55 nuclear plants under construction in the first quarter, according to BloombergNEF.<\/p>\n<p>While China is booming, with 11 of those projects, developed countries remain wary. That\u2019s partly due to lingering concern from the 2011 Fukushima nuclear catastrophe in Japan, and partly due to high costs, Pirmatov said.<\/p>\n<p>\u201cGrowth is coming from developing markets these days,\u201d where access to electricity remains a key barrier to growth, he said. Seven of the reactors under construction are in India.<\/p>\n<p>Uranium has slumped 15% this year. The metal was traded at $27.60 a pound on Tuesday.&nbsp;  <\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-9-1024x576.png\" alt=\"\" class=\"wp-image-1019633\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-9-1024x576.png 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-9-300x169.png 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-9-768x432.png 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-9.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>Kazakhstan controls about 40% of the world\u2019s supply of the metal, and Kazatomprom accounts for half of that, making it the biggest producer in the country.<\/p>\n<p><em>(With files from Reuters and Bloomberg)<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company expects to provide updated 2020 guidance in May.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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