Looks like the Russian's are starting back up production.
June 08, 2021 Rosatom, the state corporation specializing in nuclear power, in 2017 suspended the development of Yakut uranium deposits but is now ordered to resume mining in the region by Russia’s Deputy Prime Minister, Yuri Trutnev.News online RBC reported that Tutnev announced his nudge towards Rosatom at a meeting on the efficiency of the utilization of minerals and the conduction of geological exploration in Yakutia on June 2nd. The latest time at which the license freeze can be upheld is 2025, however, the process of revoking the license suspension is already on its way.Yakutia, also known as the Republic of Sakha, occupies approximately one-fifth of Russia’s territory. The region is known for its earthly riches; the Elkon uranium field being an uncontestably grand component of the area’s wealth.The field holds approximately 357,1 thousand tons of uranium, making it the world’s largest.Uranium, which is a heavy metal, is highly important in the development of nuclear power. Reactors utilize uranium to undergo nuclear fission, which occurs when a uranium atom is split by a neutron. The collision allows for large amounts of energy to be released in the form of both radiation and heat.In the conference on June 2nd, Alexander Kozlov, the Minister of Natural Resources, recalled that Rosneda, the Federal Agency of Subsoil Mining in Russia, previously suspended Rosatom’s licenses for mining in the Elkon uranium field in Yakutia in 2017 due to the metal’s immense drop in prices. The sole exception to the license suspension was for the “northern” region of the field in which mining continued. After the devaluation of uranium, Rosatom was rather redirected towards mining gold in the region as that would be a more lucrative sphere in mining. The rights to mine for uranium in Elkon were said to be solely temporarily suspended until improvement in uranium market conditions.
VMY Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
