CEO: Kazakhstan To Export 100 Times More Uranium to China

Kazakhstan’s Kazatomprom plans to increased uranium fuel pellet shipments to China from 2 metric tons this year to 200 metric tons in 2013 or 2014, the state-owned company’s CEO told Bloomberg Monday.

Kazatomprom  head Vladimir Shkolnik also indicated the company will continue shipments to India and recently negotiated an export agreement with South Korea. But with more than two dozen reactors under construction, China remains its biggest potential market for uranium sales. Kazakhstan has substantial reserves and has partnered with international companies to ramp up uranium production in recent years. The Washington Post reported last year that the company reached agreements to become China’s primary nuclear fuel supplier.

Kazatomprom’s announcement comes as uranium prices have fallen 24 percent following Japan’s Fukushima Daiichi accident in March. Ux Consulting recently reported the spot price for uranium-oxide concentrates at $50.50 per pound – unchanged from the week before.

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