Navoiyuran, a state-owned enterprise in Uzbekistan, reported a net profit of UZS 2.6 trillion ($206 mn), in 2023, marking a 27.5% increase compared to the previous year, KAP DEPO reported.
The enterprise generated net proceeds exceeding UZS 6 trillion (approximately $475 mn). The futures price for natural uranium rose to $92 per pound (equivalent to 409.5 grams) by the end of the year, up from the initial price of about $50 per pound at the beginning of the year.
The increase in uranium prices was influenced by various factors, including actions by financial funds, limited supply, and geopolitical risks related to uranium supply from regions such as Russia and Niger.
Uzbekistan possesses substantial uranium reserves, ranking fifth globally in terms of uranium production. Joint ventures involving Japanese and Chinese companies are actively involved in uranium exploration and development, with a particular focus on black shale deposits. Plans for the construction of two large reactors, supported by Russia, have been proposed in the country.
Historically, Uzbekistan was a significant uranium supplier to Russia until gaining independence in 1991. Uranium mining operations were previously spread across Uzbekistan, Kyrgyzstan, and Tajikistan, often crossing national borders, with much of the processing conducted in Tajikistan. Presently, the majority of uranium mining activities are centralized in central Uzbekistan, with Navoi serving as a key transportation hub linked to mines via railway infrastructure.
Navoiyuran exports uranium to several countries, including the United States, Canada, Japan, India, and South Korea. The state-owned enterprise has set a goal to increase its uranium production twofold by 2030, aiming for an annual output of 7,100 tons.
Comments (0)