TSCS on X: "Kazatomprom cut 2026 output by 10% and literally said it would rather not sell into these prices. Kazakhstan is over 40% of world production.Nobody models this but there was actually a massive fiscal change.A tiered extraction tax from 1 Jan, up to 18% above 4,000 tonnes a year with price-linked surcharges on top, and new rules requiring a 75% Kazatomprom stake in new agreements or 90% on extensions unless the foreign partner hands over enrichment technology.The 18% applies per subsoil use contract (not per company), and it isn't marginal. So if you cross 4,000 tonnes on one contract, the whole volume reprices at 18%. This creates a cliff. On a $31 per pound asset it moves the break-even from $34 to $38. This only really hurts the biggest contracts, which is where the marginal Kazakh tonnes are coming from.This tax is a permanent cost floor. It won't show up as a clause in a term contract. It will eventually show up as a price they're willing to sign.This is just one tailwind for Uranium. I will be long many years." / X | Zootzle
