Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
Kazatomprom, the world’s biggest uranium miner, said on Tuesday its 2020 net income rose to 221.4 billion tenge ($528.62 million) from 213.7 billion tenge in 2019 on the back of stronger uranium prices.
The Kazakhstan-based company said in a statement that it expected to further boost consolidated revenue this year to 620 billion-640 billion tenge from 587.5 billion tenge last year.
Operating profit in 2020 was 223.9 billion tenge, an increase of 47% compared to 2019, which was mainly due to an increase in average realized prices.
Adjusted EBITDA totaled 325.7 billion tenge in 2020, an increase of 31% compared to 2019.
The company reported production of 19,477t of U3O8 in 2020, down 15% compared to 22,808 in 2019.
Kazatomprom said it would continue to under-produce this year relative to the amounts allowed by its contracts, a policy aimed at managing global supply and demand balance.
($1 = 418.8300 tenge)
(With files from Reuters)
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