WOOD Flash - Kazatomprom: strong 1H22 results, production growth plans
Kazatomprom has reported strong 1H22 results, supported by rising uranium prices, slower capex spending relative to guidance, and high dividends from JVs. The company’s attributable EBITDA increased 89% yoy, while operating cash flow was 217% higher. Management also announced plans to raise uranium production in 2024E to 25-25.5kt, which is 17% higher than the production volumes guided for 2022E (21-22kt). The new production plan for 2024E assumes a 10% reduction relative to the Subsoil Use Contract level, which is less than the 20% cut implemented since 2018.
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