Kazakhstan influenced world uranium price increase - Bozumbaev

ASTANA. KAZINFORM The reduction of uranium mining in Kazakhstan facilitated price increase for the metal, the country's Energy Minister Kanat Bozumbayev said at a government hour in Majilis, Kazinform correspondent reports.

"Today, there is an increase in supply in the world uranium market. This trend arose after the Fukushima incident in 2011 and it continues. Last year, the price of natural uranium dropped significantly. It fell 40 percent over the year. The situation on the world market prompted a decision to be taken in January 2017 to reduce uranium production by 10 percent, that is, to 22 thousand tons. This is 3 percent of the world market. As the result of this decision, the price of uranium in the world market rose by 20 percent," said Kanat Bozumbaev.

The minister added that by the end of the year the Ministry will analyze the situation in the world market and decide on further actions.

According to him, currently, there is no possibility or necessity for dumping and increase in mining.