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Top uranium producer Kazatomprom's output up 6% in second quarter

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Kazakhstan's Kazatomprom (LSE: KAP), the world's largest uranium producer, announced today that the company produced 2,894 tonnes of uranium (as U3O8) in Q2 2023 on an attributable basis, which is 6% higher than in Q2 2022 (2,729 tonnes).

According to a company press-release, overall, uranium production in Kazakhstan (100% of KAP and its partners' production) was 5,481 tonnes in Q2 2023, up 7% over Q2 2022 (5,116 tonnes).

The company said that production volumes (on both a 100% basis and an attributable basis) were higher in the second quarter in comparison to same period in 2022 due to improvements in the schedule for wells commissioning, while in the first half of 2023 they were nearly on the same level compared to the same period in 2022.

However, in the second quarter of 2023, KAP sales volumes were significantly (57%) lower compared to the same period in 2022, primarily due to timing of customer-scheduled deliveries.

The company’s average realized uranium price for the first half of 2023 of US$46.63/lb was 17% higher compared to the same period in 2022 (US$39.70/lb) due to higher uranium spot price.

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

Kazatomprom is the world's largest producer of uranium, with the company's attributable production representing approximately 22% of global primary uranium production in 2022.

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.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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