The world’s top producer of uranium, Kazakhstan, revealed that it will be increasing its mining tax on uranium as of Jan. 1, 2025.
Kazakh President Kassym-Jomart Tokaye signed an agreement on July 10 that will see rates increasing from 6 per cent to 9 per cent beginning in the new year, according to Kazatomprom (LSE:KAP), a state-owned mining company and the world’s largest producer and seller of uranium.
Beginning in 2026 the tax will be based on production volumes and natural uranium concentrate prices.
Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$85.35, according to Business Insider, which is down just slightly from $85.50 from last week.
Year-to-date, the uranium spot price is down 4.80 per cent.
Uranium companies in the spotlight
Myriad Uranium (CSE:M) completed a site visit at the Copper Mountain Uranium Project in Wyoming.
The company stated that the site visit was to largely confirm the location of Union Pacific’s borehole positions.
“During our site visit we were able to confirm the accuracy of borehole locations in our data set,” Thomas Lamb, CEO of Myriad Uranium, said in a statement.
CanAlaska Uranium (TSXV:CVV) reported ultra-high-grade uranium intersection from its West McArthur joint venture with Cameco in Saskatchewan’s Athabasca Basin.
Results included an intersection from drill hole WMA082-8, the second drill hole, which was completed during the 9,000-metre summer program at the Pike zone and graded 6.87 per cent eU3O8 over 16.9 metres, including 11.62 per cent eU3O8 over 9.3 metres.
“The intersection of ultra high-grade uranium mineralization on the very first step-out hole at Pike zone is an incredible result for CanAlaska, our shareholders and the joint venture,” Cory Belyk, CEO of CanAlaska, said in a statement.
Finally, Fission Uranium (TSX:FCU) revealed results from the final 13 drill holes at the R1515W zone at its PLS property in the Athabasca Basin in Saskatchewan.
“Our resource growth program has been a resounding success. Every hole is strongly mineralized with the majority intersecting high-grade intervals. With these results in hand, and once assay results quantify and qualify results, we are confident we will have achieved our goal of upgrading the majority of the R1515W zone resource classification,” Fission’s CEO Ross McElroy said in a statement.
What will be the top uranium headlines next week? Stay tuned!
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