Kazakhstan Ends Rise In Uranium Production To Stabilize Prices

FoxBusiness reported that to avoid further depressing uranium prices, Kazakhstan, the world’s top producer of uranium, has stabilized production.

As quoted in the market news:

When production jumped from 8,521 tons in 2008 to 14,020 tons in 2009, Kazakhstan became the world’s largest supplier of uranium. The rise continued in 2010, to 17,803 tons and is expected to be 19,800 tons this year and next year, Dara said.

Also, Kazatomprom, despite already operating some 20 mines in partnership with France’s Areva SA (ARVCY), Russia’s Rosatom, and Canada’s Cameco (CCJ) and others, is continuing a policy of acquiring interests in downstream production plants so it can earn profits from processing operations, not just mining and selling uranium.

Strategic Development and International Projects at Kazatomprom’s Director,  Sergei Dara states:

He said as long as prices remain at their current low levels, “Kazakhstan will not develop new projects and our production will remain at the current level.”

Click here to read the full FoxBusiness report.