The world’s largest producer responsible for ~40% of global uranium supply has said its production capabilities are 10% lower than previously announced, removing ~5% of global supply from the market. In addition to this, Kazatomprom are able to exercise an option to produce 20%
Ocean Wall Ltd
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London’s market-leading, independent Investment House and Merchant Bank
- Even the gold standard in #uranium mining faces difficulty from time to time. 2.5% of primary supply gone for 2025, just as the largest producer cuts production capabilities by 10% for 2026. A perfect storm ahead of WNA in London next week.
- We expect the new KAP sulphuric acid facility to be delayed further to 2028-2029 (initial projection 2026). Why does this matter? Because without acid, Budenovskoye can not ramp up to full production...without Budenovskoye, Kazakh production does not meaningfully increase...and
- For too long there has been a growing disconnect between the US' nuclear ambition, and the disregard for the fuel needed to achieve it. This is why the news out of the US is so significant. It addresses the fact you cannot double, triple, quadruple nuclear capacity without
- In the finer print of the release, we note that KAP inventories at both the group and attributable level are the lowest in a decade. KAP's strategy around inventory is to always keep at least 6-7 months of attributable production procured. At today's levels, inventories represent
- Grant Isaac: "Until we see stronger demand in the market, until we see utilities calling for that, the investments wont be made to fill that red wedge." 70% of utility needs through 2045 remain uncovered - thats 3.2bn lbs. Tim Gitzel: "With each month that long term contracts
- This week in the Hoot: KHNP’s latest uranium tender falls flat—again—exposing the deep disconnect between legacy utility procurement strategies and today’s tight, producer-driven market. open.substack.com/pub/thehoot731…
- The #uranium market enters a new phase: Buyer fear. The Hoot this week explores the structural fragility now gripping the spot market, where even a whisper of demand is triggering sharp price reactions. open.substack.com/pub/thehoot731…
- Congratulations to @ASPIsotopes on accelerating the commercialisation of Ytterbium-176. This is the first quantum enrichment plant $ASPI have built and the same technology they are aiming to use for U-235 to produce HALEU for next-gen nuclear reactors.
- Ever wonder how a fuel buyer thinks about uranium procurement? Listen to this podcast with Ocean Wall CEO Nick Lawson (@lawse) going head to head with Blue Energy CEO Jake Jurewicz (previous Exelon employee) on Bloomberg’s Merryn Talks Money podcast.









