Uranium Giant in Talks to Supply Sprott as Investor Demand Soars

Top uranium miner Kazatomprom said it may supply the metal to Sprott Inc. , the investment firm whose aggressive bets on the market have helped drive a surge in prices.

“We already started talks with Sprott,” Askar Batyrbayev, chief commercial officer of the Kazakh producer, said in an interview. “A lot of financial players” are increasingly interested in uranium, from the Middle East to Singapore and Hong Kong, he said.

The radioactive metal, used to fuel nuclear plants, has soared to the highest price since 2014 due in part to Sprott’s buying spree. The firm’s physical uranium fund has boosted its stockpile by 45% in four weeks, potentially tightening the market and putting pressure on utilities and other consumers.

Any contract with Sprott will reflect Kazatomprom’s long-term view of supply and demand, Batyrbayev said. It would be for deliveries starting in 2022, since the miner will be buying from the market this […]

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