Презентация к докладу вице-президента компании Nukem Брайана Фрейма на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декабря 2011 года.
1. Kazakhstan-US Investment Forum 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 1
Kazakhstan Uranium Marketing Opportunities
Jeffrey R. Faul, President and CEO, NUKEM, Inc
Kazakhstan-US Investment Forum, New York, November 2011
2. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 2
NUKEM At-A-Glance
•World’s largest nuclear fuel trader
•50 Years of global nuclear fuel supply
•Over 15 million pounds U3O8 annually
•Supply arrangements through 2022
•Marketing partner to Kazakhstan
uranium industry since 1992
•Important supply relationships with
Tenex (Russia) and NMMC (Uzbekistan)
3. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 3
Kazakhstan’s Uranium Production:
Up, Up and Up
2011
4. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 4
Global Uranium Production by Country, 2001 vs 2011
Global Produc on Shares 2001 Global Produc on Shares 2011 (est)
Others Canada
Uzbekistan Others
11% 16%
Kazakhstan 5% 13% Canada Uzbekistan
34% Australia
6% 4%
11%
Namibia
6% Niger
Russia Kazakhstan 8%
7% 36% Russia
Niger Namibia
Australia 7%
8% 7%
21%
Sources: EIA for US and Euratom
Annual Report for EU
5. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 5
Major Market Opportunities
Where are the largest markets for Kazakhstan’s uranium?
• Far East?
• Europe?
• USA?
6. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 6
Chinese Puzzle: How Much Will They Buy Now?
China's Rising Reactor Needs
18000
16000
Mertic Tonnes Uranium
14000
12000
10000
8000
6000
4000
2000
0
2011 2012 2013 2014 2015 2016 2016 2018 2019 2020
Source: WNA 2011
7. Kazakhstan-US Investment Forum, New York November 2011 copyright by NUKEM Inc. www.nukemgroup.com Slide 7
China Supply and Demand
Basic and Future Supplies – Best Estimate
20,000
AREVA NP
18,000
Areva NC
16,000
Paladin
14,000
KazAtomProm
12,000
Cameco
tU
10,000
Current Basic Supply
8,000
Demand
6,000
Upper Case
4,000
Ref Case
2,000
Lower Case
0
Sources:
2011 2013 2015 2017 2019 Demand: WNA 2011
Supply: NUKEM 2011 & Other Sources
Year
8. Kazakhstan-US Investment Forum Nov 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 8
Kazakhstan Already Dominant in China
49% of Semizbai JV held by CGNPC (China Guongdong Nuc. Pwr.
Corp.)
49% of Zhalpak JV held by CNNC (China National Nuclear Corp.)
Combined production when in full production: 2,250 tU/per year
Chinese “equity share”: Approx 1,100 tU per year, but all sold to
China
Term contract for 24,200 tU signed with CGNPC 2008-2020
Approx. 2,400 tU per year to 2020
Cameco and AREVA both have major long-term contracts with China,
(each about 2,000 tU per year) and both have major production
ramping up in Kazakhstan
9. Kazakhstan-US Investment Forum Nov 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 9
Where to from Here?
Japan well-supplied post-Fukushima
Kazakhstan already active in India, and even in 2020, Indian
demand will be only 25% the size of China’s
Only large markets left are EU and USA
10. Kazakhstan-US Investment Forum Nov 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 10
Kazakhstan’s Share in Two Largest Uranium Markets
Top Supplier Countries Top Supplier Countries
to U.S. Utilities (2010) to EU Utilities (2010)
Others Australia Others Australia
Nambia 8% 15% S.A.+Namibia 13% 12%
11% Canada
7% 12%
Kazakhstan Canada
21% Kazakhstan
15%
16%
USA Russia
Russia Niger
8% 28%
22% 12%
Sources:
DOE EIA Uranium Marketing Annual 2010 (US); Euratom
Annual Report 2010 (EU)
11. Kazakhstan-US Investment Forum Nov 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 11
Uncovered Uranium Requirements in Two Largest Markets
25000
Metric Tonnes Uranium
20000
Uncovered EU Needs
Uncovered US Needs
15000
10000
5000
0
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
Sources:
UX Consulting (US) and NAC (EU)
12. Kazakhstan-US Investment Forum Nov 2011 November 2011 copyright by NUKEM Inc www.nukeminc.com Slide 12
Conclusions
• There’s a big difference between “reactor demand” and
“uncovered reactor demand”
• The fast-growing China market is already well-supplied, and
Kazakhstan (directly or indirectly) is already the dominant supplier
• Further Chinese purchases are simply adding to strategic
inventory
• While the EU has some unmet requirements, mostly post-2015,
they are substantially smaller than unmet US requirements
• Given Kazakhstan’s 35% share of global production, and 15%
market share in the US, the US must be seen as Kazakhstan’s
best opportunity for future uranium sales