WOOD Flash – Kazatomprom: 2020 operating update – strong, as expected
Kazatomprom has released an expectedly strong operating update for 2020, with a 2% rise in group sales volumes (despite the 15% decline in production volumes) and stronger realised prices of USD 29.63/lb (+10% yoy), which bodes well for full-year profitability, when coupled with the weaker Tenge. We note that the 4Q20 sales volumes declined 18%, due mainly to the effects of earlier actions to scale down drilling activity during April-July 2020 on the back of the COVID-19 pandemic. The company has guided for a recovery in production volumes in 2021E, to the 2019 level.
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