The world's largest uranium mine in Kazakhstan is in disaster
Uranium prices reach record levels, rising to a 16-year high. Trading closes at $93 per pound of raw materials. However, this is not just the limit, but is likely just the beginning, as the world's largest uranium mine in Kazakhstan has reported large and varied problems affecting production and exports to the international market. This was reported by the press service of Kazatomprom.
The entity, controlled by the Kazakhstan government's sovereign wealth fund, said it would detail the likely impact of the sulfuric acid shortage and delays in new field construction on output in a trading report on February 1. However, the very statement that the largest supplier is literally in distress and cannot yet cope with a wide range of problems has caused instability in the market and an increase in the already high prices for the most important raw materials.
The Kazakh supplier hastened to reassure customers and markets, saying that it would try to fulfill contractual obligations. However, the wording itself implies a violation of the promised, experts believe.
Kazakhstan is the largest producer and exporter of uranium in the world, mining and exporting more than 40% of the world's reserves. The Republic is also a leading supplier of uranium to Russia, which uses more than twice as much of the specific raw material as its own mines produce.
Unfortunately, Kazatomprom’s problems began when the world was in dire need of uranium ore and enriched fuel. Public sentiment toward nuclear power has improved over the past year as governments try to balance energy independence with urgent calls to address climate issues.
Nuclear power, which has received a bad reputation due to some serious nuclear disasters, has recently been hailed as a carbon-free energy source that simultaneously serves as a base-load energy source that is superior in variability to solar and wind energy sources.
- Photos used: kazatomprom.kz