ASX uranium stocks dive as top global producer hikes output
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The news: Uranium stocks plunged on the ASX after the world's top producer indicated that it will boost production of the nuclear reactor fuel.
The numbers: Deep Yellow (-15.8%), Paladin Energy (-12.3%) and Boss Energy (-12.1%) were the three worst performing stocks across the ASX 200 by a significant margin by 11:55am AEST, as the wider energy sector shed 2.54%.
The context: The world's top uranium producer, Kazakhstan’s Kazatomprom, announced on Thursday that it raised its production guidance for 2024 after output increased during the first half of the year.
Kazatomprom now expects to produce between 22.5 million and 23.5 million tonnes of uranium in 2024, up from the previous guidance of 21 million to 22.5 million tonnes. The forecast comes after the company boosted its first-half uranium production by 6% year on year to 10,857 tonnes.
Uranium stocks globally fell broadly following Kazatomprom's updated guidance, Bloomberg reported.
The sources: Bloomberg, Kazatomprom
