Kazakhstan, recognized as the world's leading uranium producer, is actively engaged in expanding its exports of the metal to U.S. energy companies. This initiative was discussed during a meeting between Kazakhstan's energy ministry officials and U.S. Senator Steve Daines on March 26, Bloomberg reported.
Kazakhstan already has existing contracts to supply uranium products to companies like Southern Co., Constellation Energy Corp., and Duke Energy Corp. until 2032.
The increased interest in uranium stems from a growing supply deficit and rising demand, driven by global efforts to adopt nuclear power as a means to combat climate change. Additionally, the United States is considering banning imports of enriched Russian uranium.
As per to World Nuclear Association, Kazakhstan holds 12% of global uranium resources and produced around 21,200 tonnes of uranium (tU) in 2022, marking 43% of the world's total production that year. Since 2001, annual uranium production has steadily increased, reaching 24,689 tU in 2016 before experiencing a slight decline due to low prices and the impact of the COVID-19 pandemic, with production totaling 19,477 tU in 2020 and 21,112 tU in 2023. Kazakhstan aims to enhance its uranium industry by establishing value-added fuel production and constructing a fuel fabrication plant with Chinese investment.
Kazatomprom, the country's National Atomic Company, oversees 13 uranium mining projects, three of which are wholly-owned, while the remaining ten are joint ventures with foreign partners. Kazatomprom's share of uranium production was 11,373 tU in 2022, solidifying its position as a leading global producer, surpassing competitors like Orano, Cameco, and Uranium One.
Comments (0)