Top uranium miner ups output target citing bullish nuclear outlook

Natsional'naya Atomnaya Kompaniya Kazatomprom AO

19/08/2022 08:32

ALMATY, Aug 19 (Reuters) - The world's biggest uranium
miner, Kazatomprom  KZAP.KZ   KAPq.L , has raised its 2024
output target, it said on Friday, citing growing demand for
nuclear fuel amid global energy security concerns and the war in
Ukraine.
    Kazakhstan-based Kazatomprom will boost production by
2,000-3,000 tonnes in 2024, it said in a quarterly report.
    "...We believe the fundamental shift in the supply-demand
balance is still underway, with an illusion of endless secondary
supply, creating ongoing opportunities for Kazatomprom as a
primary supplier that maintains a disciplined approach," the
company said.    
    "A key factor contributing to the improved uranium market
conditions and the bullish outlook for the nuclear power sector
over the past several years, has been the international debate
around the social and environmental impacts of energy
infrastructure," it said.
    "Those discussions have become even more pronounced as of
late amid the growing focus on energy security and
diversification in relation to the Russia-Ukraine conflict."
    Various countries, including several that had abandoned
nuclear plans or were committed to phasing out nuclear energy,
are now said to be reviewing policies and in some cases,
reconsidering nuclear alongside their renewable energy
strategies, Kazatomprom said.

 (Reporting by Olzhas Auyezov; editing by Jason Neely)
 ((olzhas.auyezov@thomsonreuters.com; +7 727 2508 500; Reuters
Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))