Uranium Production and Market Trends
In 2023, uranium production saw a notable increase, rising by over 10% or 14 million pounds. This surge in production is largely attributed to the expansion of existing mines, with Kazakhstan playing a crucial role. Kazakhstan's production expectations have been adjusted slightly upward to 59 million pounds this year, as issues with sulfuric acid supply are anticipated to be resolved. In Canada, key mines like Cigar Lake and McArthur River have shown improved performance and are expected to reach their production plateau this year. Meanwhile, the newly developed McLean Lake mine is projected to contribute 0.5 million pounds annually.
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