Kazatomprom Announced Production Cuts to Address Uranium Oversupply [Canadian Business Journal (Canada)]
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Source: Canadian Business Journal
Kazatomprom Announced Production Cuts to Address Uranium Oversupply TORONTO and NUCLA, Colo., Dec. 04, 2017 (GLOBE NEWSWIRE) — Western Uranium Corporation (CSE:WUC) (OTCQX:WSTRF) (“Western”) wishes to highlight the positive uranium news released out of Kazakhstan this morning. Subsequent to the 2008 Global Financial Crisis and 2011 Fukushima nuclear accident, global uranium demand has stagnated causing oversupply which has depressed market prices. Uranium production cuts have been anticipated and in this fourth quarter these have been put in place by a number of major uranium producers for 2018. Today Kazatomprom, the world’s largest uranium producer announced its intention to reduce planned production by 20%. According to the Kazatomprom announcement, this action will remove over 8 million pounds from the market in 2018 and approximately 24 million pounds of uranium over a three year period. In making this announcement, Kazatomprom cited the goal of bett
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