NAC Kazatomprom wrote in an earnings report Thursday 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%.
"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," Kazatomprom said. As a result, production at most of its uranium-mining operations will be 20% below the levels allowed by permits for this year.
The company pointed out inventory levels are at "comfortable levels" to fulfill "existing contractual commitments in 2024."
"However, a swift return to a 100% production volume level relative to subsoil use agreements may be at risk," it said.
Spot prices for uranium concentrate used in nuclear power generation have recently been hovering over $100 per pound - a 16-year high.
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