Kazakhstan's state-run uranium mining company has been increasing stockpiles for production as demand increases, particularly from Eastern European power producers seeking to reduce their dependence on Russia. Bloomberg writes about it.
Yerzhan Mukanov, General Director of Kazatomprom JSC, notes that some nuclear power plants in Eastern Europe, which previously received enriched uranium from Russia, are looking for contracts starting in 2025. Geopolitical uncertainty is altering nuclear fuel flows, prompting some power producers to build stockpiles, he said.
The United States, as noted, is among the countries seeking to reduce its dependence on enriched uranium from Russia, as the world's largest supplier of nuclear fuel. According to Bloomberg, this is still not enough to prevent a sharp increase in Russian nuclear exports after the invasion of Ukraine, which has increased the Kremlin's income and strengthened its influence on new buyers around the world.
The World Nuclear Association said last year that demand for uranium would increase by about a third by 2030, citing a 16% increase in reactor capacity. Kazakhstan, which produces more than 40% of the world's uranium, plans to keep production at around 22,000 tonnes this year.
According to the CEO, Kazatomprom plans to open a third export route this year, sending uranium through one of China's ports. Currently, the mining company supplies nuclear fuel through Russia and through the Caspian Sea to the Black Sea.
As Mukanov notes, demand from China, which is looking for uranium to load new nuclear power plants and increase its own reserves, is growing. According to him, Beijing's goal is to have "continuous long-term supplies."
