Kazatomprom, which is the world’s largest producer of uranium, revealed this week that it is cutting its 2025 production targets because of project delays and sulphuric acid shortages.
The company that’s responsible for a fifth of the global uranium supply has reduced its target for 2025 by 17 per cent to fall between 25,000 to 26,500 tons.
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Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$78.80, according to Business Insider, which is down slightly from $80.30 from last week.
Uranium companies in the spotlight
Generation Uranium (TSXV:GEN) has extended its presence in the Yathkyed Basin in Nunavut thanks to recent acquisitions of the Yellow Frog and Pink Toad Uranium Projects.
The acquisitions include new targets encompassing 39.25 line-kilometres of historical VLF ground geophysics and Generation Uranium’s ownership in the VGR trend has increased to the west.
Fission Uranium (TSX:FCU)has completed the front-end engineering design at its PLS uranium project in the Athabasca Basin in Saskatchewan and has officially begun the engineering phase.
Completion includes all geotechnical drilling for the tailings management facility and underground mine access.
Finally, Premier AmericanUranium (TSXV:PUR) announced preliminary drill results from the Cyclone Rim Target at its 100 per cent-owned Cyclone ISR Uranium Project in Wyoming’s Great Divide Basin.
In total, the company stated that 19 of 37 planned holes were completed.
“The inaugural exploration program at Cyclone is off to a very strong start, achieving multiple critical objectives. First, we have successfully confirmed the presence of uranium mineralization of significant grade proximal to historic intersections at the Rim target. Second, with strategically positioned exploration holes, designed to gather data about the geological features that influenced the deposition of uranium mineralization, we continue to enhance our understanding of the geological setting of the Cyclone Rim Target, which we believe will aid in future drill program design and enhance efficiency of exploration of the Rim target,” Colin Healey, CEO of Premier American Uranium, said in a statement.
What will be the top uranium headlines next week? Stay tuned!
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