Kazatomprom is to be a key supplier to ANU, set up last month by...

Kazatomprom is to be a key supplier to ANU, set up last month by Kazatomprom (48.5%), National Investment Corporation of the National Bank of Kazakhstan JSC (48.5%) and Genchi Global Limited (3%) to store physical uranium as a long-term investment. It is registered on the Astana International Financial Centre.

The fund's initial acquisition will be carried out using joint investments of USD50 million from its founders. The newly signed framework agreement sets out the terms and mechanisms for the supply of uranium products from Kazatomprom to the fund. It also sets out mechanisms regarding the lock-up period and price threshold after which the Fund could be able to sell certain amounts of uranium to the market, with Kazatomprom having a priority right to repurchase any uranium the Fund decided to sell. The primary purpose of the conditions is to maintain the future balance of supply and demand in the market, the company said.