ASTANA, April 21 (Reuters) - Kazakhstan, the world's biggest
uranium producer, may start stockpiling output to support the
metal's depressed price, state nuclear company Kazatomprom
KZTPR.UL said on Thursday.
Spot uranium UXXc1 is trading close to multi-year lows and
Kazatomptom managing director Yuri Demekhov told a mining
conference the company could hold back some of its production in
a special fund over the next three years in order to sell it
later, when the price recovers.
Kazakhstan holds more than 15 percent of global uranium
reserves, second only to Australia, and in 2009 surpassed Canada
as the world's largest producer. But it has no nuclear power
stations of its own.
Kazakhstan increased uranium output 4.3 percent to 23,800
tonnes last year. Kazatomprom's share of total output was 13,000
tonnes while its joint venture partners such as France's Areva
CEPFi.PA and Canada's Cameco CCO.TO accounted for the rest.
Kazatomprom sells most of its output through long-term
contracts but also uses the spot market and said this year it
would set up a trading subsidiary.
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Kazakhstan may stockpile uranium to support prices
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