Top uranium miner Kazatomprom reports 139% income jump in Q3 2020 on sales and uranium spot price increase
|Image credit: Kazatomprom.|
(Kitco News) - Kazakh National Atomic Company “Kazatomprom” (KAP) today announced its unaudited, reviewed, consolidated financial statements and notes for the three-months and nine-months ended 30 September 2020, prepared in accordance with International Financial Reporting Standards (IFRS).
KAP's comprehensive income rose to 90.869 billion tenge ($211 million) from 37.949 billion tenge in Q3 2019.
The increase in income is mainly due to an increase in sales volumes compared to the same period last year, due to seasonality and delivery schedule in 2019 and 2020; an increase in the spot quotation for uranium, which had a positive impact on the average selling price, as well as the exchange rate effect of the movement in the Tenge to US dollar.
KAP earlier reported that in Q3 2020, its attributable uranium production was 30% lower than in Q3 2019, due to the expected impact of the pandemic and the company's decreased wellfield development activity and lower staff levels throughout the second quarter.
Kazatomprom is the world's largest producer of uranium, with the company’s attributable production representing approximately 24% of global primary uranium production in 2019. KAP benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 26 deposits grouped into 14 mining assets. All of the company’s mining operations are located in Kazakhstan and mined using ISR technology with a focus on maintaining industry-leading health, safety and environment standards.