Eugene Gerden reports that Uranium One (U1), the uranium holding company, operated by Russian nuclear monopoly Rosatom, plans to become one of the leading uranium producers during the next several years, which is expected to be achieved through the reduction of costs and optimization of production.The current situation in the global uranium market remains complex for producers, which is mainly due to low demand and overproduction, however, as part of the plans of U1, is the increase of its market share in the coming years. Last year the volume of uranium production of U1 grew by 3.3%, to 4,790 tonnes, the majority of which accounts for the company uranium assets in Kazakhstan, which development is associated with the lowest production costs.
Uranium One has not ruled the increase of production by two times to 10,000 tonnes in the long term, that will mainly depend on further situations in the market. As part of the company plans is the launch of Mkuju River uranium mine in Tanzania. Mkuju River was acquired by Rosatom in 2010-2011 and at that period of time was considered as an extremely profitable asset for the company. However, due to the current low global uranium prices, the development of the asset has not yet been started. In the case of Kazakhstan, the production should grow up to 5,500 tonnes by 2020.But the company decided to sell its inefficient assets, and in particular the Australian Honeymoon uranium mine to Boss Resources, which development was suspended as far back as in 2013, and a uranium mill and their portfolio of assets in the U.S. Read details ...
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