Uranium companies announce strategic purchase plans

Uranium companies have separately announced plans to make strategic purchases of physical uranium. Denison is aiming to buy about 2.5 million pounds U3O8 (962 tU) through the spot market as a long-term investment, while Uranium Energy Corp (UEC) has entered into agreements to purchase 400,000 pounds. UK-based Yellow Cake plc has also announced further purchase plans under its agreement with Kazatomprom. (Image: Kazatomprom)

Toronto-based Denison said yesterday it had entered into a strategic financing agreement with Cantor Fitzgerald Canada Corporation to raise about USD$75 million, which will be used to fund the strategic purchase of uranium concentrates to be held by Denison as a long-term investment intended to support the potential future financing of the advancement and/or construction of its 90%-owned Wheeler River uranium project in Saskatchewan, Canada. The purchase is expected to strengthen the company’s balance sheet and enhance its ability to access future project financing.

The purchased uranium could […]

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