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Uranium names turn lower as world’s top producer plans to end output cuts

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The world’s biggest uranium miner said Friday it will significantly increase production starting in 2025, following years of restricting its output to stabilize prices.

The board of Kazakh uranium producer Kazatomprom said it approved a plan to return volumes to a 100% level for the first time since 2018, citing improved uranium market conditions and successful medium- and long-term contracting activity with both new and existing customers.

Kazatomprom said it is “excited to witness the start of a long-awaited historical shift in the uranium market,” adding that it has shown “strong market discipline for seven consecutive years” in keeping its production 20% below the total subsoil use agreements.

The announcement appeared to halt the recent run-up in nuclear shares sparked by surging demand for uranium while production has been low for years.

In Friday’s trading: NuScale Power (SMR) -3.1%, Cameco (CCJ) -3.6%, NexGen Energy (NXE) -4.3%, Centrus Energy (LEU) -4.9%, Denison Mines (DNN) -5.7%, Uranium Royalty (UROY) -6.2%, Energy Fuels (UUUU) -6.5%, Ur-Energy (URG) -7.2%, Uranium Energy (UEC) -8%.

ETFs: (NYSEARCA:URA), (NYSEARCA:NLR)

With this year’s output expected at 20.5K-21.5K metric tons, Kazatomprom said it will stick to its plan to produce 10% below the contract maximum, or 25K-25.5K tons, but impose no restrictions in 2025, anticipating production will grow to 30.5K-31.5K tons.

Uranium spot prices have more than doubled over the past three years, although still well below a peak of $140/lb touched in 2007.

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