{"id":1454954,"date":"2024-02-02T07:45:00","date_gmt":"2024-02-02T12:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1454954"},"modified":"2024-02-02T07:45:00","modified_gmt":"2024-02-02T12:45:00","slug":"worlds-largest-uranium-producer-warns-of-production-woes","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/worlds-largest-uranium-producer-warns-of-production-woes\/1454954\/","title":{"rendered":"World’s Largest Uranium Producer Warns Of Production Woes"},"content":{"rendered":"

World’s Largest Uranium Producer Warns Of Production Woes <\/span><\/p>\n

\n

The world’s largest producer of uranium issued a warning about production delays and escalating shortages of essential chemicals needed for extracting the heavy metal, predicting a near-term decrease in production levels. This development is likely to support higher uranium prices.\u00a0<\/p>\n

NAC Kazatomprom wrote in an\u00a0earnings report<\/a>\u00a0Thursday that 2024 uranium production volumes are expected to be in the range of 21,000 to 22,500 tons. It reduced its production guidance for the year by 12% to 14%.\u00a0<\/p>\n

<\/a><\/p>\n

“Adjustments to the previously announced production intentions are due to challenges related to the availability of sulphuric acid and construction delays at the newly developed deposits,”<\/strong>\u00a0Kazatomprom said. As a result, production at most of its uranium-mining operations will be 20% below the levels allowed by permits for this year.\u00a0<\/p>\n

The company pointed out inventory levels are at “comfortable levels” to fulfill “existing contractual commitments in 2024.”\u00a0<\/p>\n

“However, a swift return to a 100% production volume level relative to subsoil use agreements may be at risk,” it said.<\/p>\n

Spot prices for uranium concentrate used in nuclear power generation have recently been hovering over $100 per pound – a 16-year high.\u00a0<\/p>\n

<\/a><\/p>\n

Shares of Global X Uranium ETF jumped as high as 7.5%, the highest intraday level since 2014, on the news.\u00a0<\/p>\n

<\/a><\/p>\n

Earlier this month, BofA’s metals and mining team told clients: “Uanium’s third bull market set up for a promising 2024<\/a>.”\u00a0<\/p>\n

And Citi analysts stated a\u00a0growing uranium supply gap<\/a>\u00a0will boost prices. They laid out three scenarios for prices:<\/p>\n

<\/a><\/p>\n

The report from Kazatomprom today only means the uranium market is getting tighter.\u00a0<\/p>\n

Let’s revisit our December 2020 note to readers:\u00a0“Buy Uranium: Is This The Beginning Of The Next ESG Craze,”<\/em><\/a>\u00a0since then, everything uranium has soared.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 02\/02\/2024 – 02:45<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

World’s Largest Uranium Producer Warns Of Production Woes The world’s largest producer of uranium issued a warning about production delays and escalating shortages of essential…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1454954","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1454954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1454954"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1454954\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1454954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1454954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1454954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}