28.02.2017 ASTANA. KAZINFORM In 2016, uranium production in Kazakhstan is estimated at 24,000 tons, which was 1.7percent higher YoY, Samruk-Kazyna RKM department's press release reads. According to it, in 2017, the uranium production is expected to decline by about 8 percent or 2,000 tons due to weak market conditions triggered mostly by a global oversupply. This represents about 3 percent of the total global output. The production is expected to rise once market conditions improve. In response to the production cut plans, uranium prices recovered to above $24lb from of $17.75lb as at end-November 2016, its lowest level since February 2015. All of the produced uranium is exported, primarily under long-term contracts, as Kazakhstan does not presently possess nuclear power generation capacity. China is the largest importer of Kazakhstan's uranium and accounts for over half of total exports (56percent).