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Uranium production in Kazakhstan to decline in 2017

27 February 2017 11:26 166

ASTANA. KAZINFORM In 2016, uranium production in Kazakhstan is estimated at 24,000 tons, which was 1.7percent higher YoY, Samruk-Kazyna RKM department's press release reads.

According to it, in 2017, the uranium production is expected to decline by about 8 percent or 2,000 tons due to weak market conditions triggered mostly by a global oversupply. This represents about 3 percent of the total global output. The production is expected to rise once market conditions improve.

In response to the production cut plans, uranium prices recovered to above USD24lb from of USD17.75lb as at end-November 2016, its lowest level since February 2015.

All of the produced uranium is exported, primarily under long-term contracts, as Kazakhstan does not presently possess nuclear power generation capacity. China is the largest importer of Kazakhstan's uranium and accounts for over half of total exports (56percent).