30.12.202111:50 Forex Analysis & Reviews: Ukraine to invest in uranium mining industry

TASS reported that according to the concept for the development of the nuclear energy industry prepared by the Ministry of Energy of Ukraine, the country intends to fully cover its nuclear power plant needs with domestically produced uranium from 2027.

Kiev plans to achieve this goal by developing the reserves of the Novokonstantinovskoye and Aprelskoye uranium deposits. Ukraine plans to invest UAH 9.092 billion (more than $333 million) over five years for this purpose, of which UAH 8.042 billion ($295 million) will be from the state budget.

In Ukraine, the only uranium mining and processing enterprise is the Vostochny Mining and Processing Plant (VostGOK). Currently, domestic uranium production covers up to 40% of Ukrainian nuclear power plants needs, with the rest of required uranium supplied from abroad, including from Russia.

According to the World Nuclear Association, Ukraine produced 400 tonnes of uranium in 2020. This is 50% less than in 2019 (800 tonnes).

With more than 93,000 tonnes of uranium resources, Novokonstantinovskoye is the largest uranium deposit in Europe. In 2011, VostGOK started pilot uranium mining at Novokonstantinovskoye.