Wedoany.com Report-Nov 30, Kazakhstan state uranium miner Kazatomprom said on 28 November that its third-quarter pretax profit more than doubled as the result of significantly higher uranium spot prices and volumes sold.
The world’s leading uranium producer reported a pretax profit of 222.08 billion Kazakh tenge ($441m, €417m), compared with 99.25 billion tenge it booked in the same period last year. Revenue rose 78% to 437.73 billion tenge.
This was largely driven by a 24% increase in volumes sold externally and the average price realised rising 26% on year due to significantly higher market uranium prices.
The company said data from third-party analysts indicates that market participants traded 27.3 million pounds of U3O8 in the first nine months of 2024, with an average weekly spot price of $88.92/lb.
This represents a decline from the 32 million pounds traded during the same period in 2023, when the average weekly spot price was significantly lower at $54.67/lb.
The sharp increase this year has been driven by improved sentiment for nuclear energy as a power source for electricity-hungry AI data centres and to improve energy security.
Kazatomprom said its quarterly production climbed 17% to 3,142 tons. In the year to date, output has increased 10%.
Kazakhstan state uranium miner Kazatomprom said on 28 November that its third-quarter pretax profit more than doubled as the result of significantly higher uranium spot prices and volumes sold.
The world’s leading uranium producer reported a pretax profit of 222.08 billion Kazakh tenge ($441m, €417m), compared with 99.25 billion tenge it booked in the same period last year. Revenue rose 78% to 437.73 billion tenge.
This was largely driven by a 24% increase in volumes sold externally and the average price realised rising 26% on year due to significantly higher market uranium prices.
The company said data from third-party analysts indicates that market participants traded 27.3 million pounds of U3O8 in the first nine months of 2024, with an average weekly spot price of $88.92/lb.
This represents a decline from the 32 million pounds traded during the same period in 2023, when the average weekly spot price was significantly lower at $54.67/lb.
The sharp increase this year has been driven by improved sentiment for nuclear energy as a power source for electricity-hungry AI data centres and to improve energy security.
Kazatomprom said its quarterly production climbed 17% to 3,142 tons. In the year to date, output has increased 10%.
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