Kazakhstan Plans to Mine More Uranium in 2024

Kazatomprom increased uranium production by 6% in the first half of 2024 compared to the same period in 2023. At the same time, prices increased by 41% over the same period, Orda.kz reports.

In its second-quarter report, the national company indicated increased production and growth in uranium prices. Meanwhile, Kazatomprom reported that, compared to the first half of last year, the group's sales volume decreased by 18%.

According to Kazatomprom, uranium production in Kazakhstan has increased due to an increase in the production plan and the need to fulfill 2024 contractual obligations. Production volumes have also increased, restoring the scale of drilling and partially solving problems with sulfuric acid necessary for separating uranium ore from rock.

The company was able to ensure the supply of the required volume of sulfuric acid for 2024, necessary for production in 2024 at a level of -20% of the volumes defined under subsoil use contracts, Kazatomprom said.

The company increased its uranium production forecast for the current year and left sales plans unchanged. Kazatomprom has also stated that the sulfuric acid shortage and the slow construction of facilities at new deposits could affect the group's financial and production plans.

The national company has also clarified that from 2026, when the mineral extraction tax for uranium becomes differentiated, different rates will be applied to Kazatomprom subsidiaries for each individual contract. Some companies have several subsoil-use agreements.