Kazakhstan Influences World Uranium Price Increase

Uranium Prices: Kazakhstan and China Deepen Ties

The reduction of uranium mining in Kazakhstan facilitated price increase for the metal, the country’s Energy Minister Kanat Bozumbayev said at a government hour in Majilis.

“Today, there is an increase in supply on the world uranium market. This trend arose after the Fukushima incident in 2011 and it continues. Last year, the price of natural uranium dropped significantly. It fell by 40% YoY. The situation on the world market prompted a decision to be taken in January to reduce uranium production by 10%, that is, to 22 thousand tons. This is 3% of the world market. As the result of this decision, the price of uranium on the world market rose by 20%,” said Kanat Bozumbaev.

The minister added that by the end of the year the ministry would analyze the situation on the world market and decide on further actions. According to him, currently, there is no possibility or necessity for dumping and increase in mining. (Kazinform/Ukrainian metal)