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Kazatomprom to triple exploration abroad as it seeks more ventures

Kazatomprom announced plans on Friday to triple its exploration in Kazakhstan, and explore opportunities for international expansion, following recent agreements signed with Jordan and Mongolia.

State-controlled company currently produces its uranium in Jordan, but last week signed an agreement with Jordan to develop the country's assets.

"We have been recognized for our mining capabilities, which is why... we also look at opportunities overseas," Meirzhan Yossupov, Chief Executive of the World Nuclear Symposium held in London.

Kazatomprom has also signed a deal with Mongolia's Mon-Atom, in addition to its Jordan agreement. Yussupov stated that his company was exploring other options.

We are working to diversify geographically our operations at a global level.

In a report published on Friday, the World Nuclear Association warned that by 2040, uranium consumption for reactors will more than double and new mines will be needed.

Yussupov stated, "On our part, we are embarking upon a very extensive exploration program in Kazakhstan... We have tripled our exploration capacity."

Kazatomprom produces about a quarter of the primary uranium in the world. It has confirmed its production forecast for 2025, but will scale back on its output expansion plans by 2026 because of market conditions.

The price of uranium at the spot market has doubled in the last five years, reaching $76 per pound. However, this is still a far cry from the peak of $106 per pound reached in February 2024 - the highest since November 2007. (Reporting and editing by Louise Heavens, Eric Onstad)

(source: Reuters)