Why ASX uranium shares are in focus on Tuesday

Why ASX uranium shares are in focus on Tuesday

ASX uranium shares could be a mover on Tuesday after the world’s largest uranium producer, Kazatomprom, announced plans to participate in a physical uranium fund. Kazatomprom, the national atomic company of Kazakhstan, contributed approximately 23% of global primary uranium production in 2020.

According to World Nuclear News , Kazatomprom’s fund will hold physical uranium as a long-term investment, with an initial US$50 million of purchases financed by its founders.

Once the fund is operating, the company plans an additional public or private offering to raise up to US$500 million for additional uranium purchases.

The timing and details of this second development stage will be determined by market conditions, Kazatomprom said.The company believes the global transition towards clean energy and, more specifically, nuclear power, provides a “strong investment thesis” for the uranium industry.Opportunities for uranium exposure have been scarce, with two uranium funds being the Sprott’s Physical Uranium Trust listed on the Toronto […]

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