Uranium miners rise after top producer lowers output expectations

Nexgen Energy

23/08/2024 15:22

** Shares of uranium companies rise after top uranium
producer lowers output forecast
    ** Kazakhstan's Kazatomprom cuts 2025 output forecast to
25,000-26,500 tonnes from 30,500-31,500 tonnes
    ** Co reports inventories at 6,132 tonnes, the lowest level
reported by the company due to sales outpacing production in 1H
2024
    ** Shares of Uranium Energy  UEC.N , Energy Fuels  UUUU.N 
and Ur-Energy  URG.N  up 12.63%, 7.77% and 11.54%, respectively
    ** Canadian miners NexGen Energy  NXE.TO , Cameco  CCO.TO 
and Denison Mines  DML.TO  rise 8.96%, 5.88% and 11.82%,
respectively
    ** "Continued reduction in Kazatomprom's inventory and lack
of guidance for 2026 highlights ongoing production challenges
... which will likely help keep the uranium market tight for the
next several years" - Andrew Wong, analyst at RBC Capital
Markets
    

 (Reporting by Pooja Menon)
 ((Pooja.Menon@thomsonreuters.com))