An article says a group of Japanese firms including Toshiba Corp, Kazakh state uranium company Kazatomprom, and a unit of Canada’s Uranium One are reported to have opened Khorasan-1 in Kazakhstan, and that Khorasan, with uranium reserves of more than 80,000 tonnes, will produce about 180 tonnes of the commodity this year and reach full capacity by 2014 when it is due to start yielding 3,000 tonnes of uranium a year. The article says the companies have invested about $430 million in the project so far and that about 2,000 tonnes will be shipped to Japan to fuel its nuclear power plants. Kazakhstan, a former Soviet republic west of China, is reported to have a fifth of global uranium reserves. To put this production in perspective Canadian based Cameco, the world’s largest non-government owned uranium producer, produced 7,589 tonnes of uranium in 2008 (17 million pounds, source: company annual disclosure). As projects such as the one in Kazakhstan develop it will be important to watch the world demand/supply relationship for uranium and the effect increased supply will have on the market price of uranium.

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