The company said in a press release that it will reduce its planned uranium production by 20 percent for three years starting in January 2018.
Major uranium producers were on the rise early Monday (December 4) after Kazatomprom announced plans to cut its uranium output once again.
The mining company said in a press release that it will reduce its planned uranium production by 20 percent “in order to better align its output with demand.” The cuts will last three years and will begin in January 2018.
According to Kazatomprom, the cuts will result in a deferral of 11,000 tonnes over the three-year period, with 4,000 tonnes being cut in 2018 alone. That will result in a 7.5-percent reduction in uranium output next year.
“Given the challenging market conditions, and in light of continued oversupply in the uranium market, we have taken the strategic decision to reduce production in order to better align our production levels with market demand,” said Galymzhan Pirmatov, chairman of the management board at Kazatomprom.
He added, “[w]e believe that these measures strongly underline our commitment to ensuring the long-term sustainability of uranium mining; a critical component in the generation of clean, carbon free electricity around the globe.”
Kazatomprom’s decision to cut output for the next three years comes after a reduction in production in 2017. At the beginning of the year, the company said it would reduce its output for the year by 2,000 tonnes. It said at the time that the move would result in a 3-percent reduction in global uranium output for the year. Those cuts also came in the face of oversupply and low prices in the uranium market.
Kazakhstan is the largest uranium-producing country by a long shot, and Kazatomprom is currently a state-owned company. However, it is reportedly planning to go public in 2018.
The news also follows major uranium producer Cameco’s (TSX:CCO,NYSE:CCJ) November decision to suspend production at its Saskatchewan-based McArthur River mine and Key Lake milling operations by the end of January 2018.
“With the continued state of oversupply in the uranium market and no expectation of change on the immediate horizon, it does not make economic sense for us to continue producing at McArthur River and Key Lake when we are holding a large inventory, or paying dividends out of proportion with our earnings,” Tim Gitzel, the company’s president and CEO, said when the news was released.
Cameco’s announcement brought a surge of optimism from uranium market watchers, and many suggested that the cuts could kick the beleaguered uranium space into gear. Monday’s news from Kazatomprom has had a similar impact, with a slew of uranium stocks rising on the decision.
As of 10:15 a.m. PST on Monday, Cameco’s share price was up 13.29 percent on the TSX, changing hands at C$13.64. Other smaller uranium producers were enjoying similar gains — Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) was up 13.43 percent, trading at C$2.45 in Toronto, while Ur-Energy (TSX:URE,NYSEAMERICAN:URG) was up 10.13 percent at C$0.88 on the TSX.
Many exploration and development companies were on the rise as well. Examples include NexGen Energy (TSX:NXE,NYSEAMERICAN:NXE), which was up 15.49 percent on the TSX, trading at C$3.42, and Denison Mines (TSX:DML,NYSEAMERICAN:DNN) was up 12.7 percent at C$0.71. Fission Uranium’s (TSX:FCU) share price was up 12.12 percent at C$0.74.
UxC places the U3O8 spot price at US$22 per pound as of November 27.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
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Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.

The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.

The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
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