Make Kitco Your Homepage

Top uranium miner Kazatomprom reports production decline in 2022

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Kazakhstan's Kazatomprom (LSE: KAP), the world's largest uranium producer, announced today that the company produced 11,373 tonnes of uranium (as U3O8) in 2022 on an attributable basis, which is 4.1% lower than in 2021 (11,858 tonnes).

According to a company press-release, overall, uranium production in Kazakhstan (100% of KAP and its partners' production) was 21,227 tonnes in 2022, down 2.7% over 2021 (21,819 tonnes).

In Q4 2022, the company produced 3,064 tonnes of uranium on an attributable basis, which is in line with Q4 2021 (3,066 tonnes).

In Q4 2022, uranium production in Kazakhstan (100% of KAP and its partners' production) was 5,780 tonnes, down 1.4% over Q4 2021 (5,860 tonnes).

In 2023, the company expects to produce between 20,500 and 21,500 tonnes on a 100% basis and between 10,600 and 11,200 tonnes on an attributable basis.

Kazatomprom is the world's largest producer of uranium, with the company's attributable production representing approximately 24% of global primary uranium production in 2021.

The company benefits from the largest reserve base in the industry and operates - through its subsidiaries, JVs and Associates - 26 deposits, located in Kazakhstan, grouped into 14 mining assets. All of the company's mining operations are located in Kazakhstan and extract uranium using in-situ recovery technology.

Critical Metals commences production of copper ore at the Molulu project in DRC

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.