Ver Interesting article today at the FT https://www.ft.com/content/b8b34ec4-20ca-4c00-937b-fc620ae7503e
Kazatomprom’s chief executive has warned that Russia’s war on Ukraine is making it harder for the world’s largest uranium producer to keep supplying the west as the gravitational pull towards Moscow and Beijing grows stronger
Meirzhan Yussupov, chief of the Kazakh state miner, said sanctions caused by the war had created obstacles to supplying western utilities. Kazakhstan produces 43 per cent of the world’s uranium, equivalent to the market share that the Opec cartel has over oil.“It is much easier for us to sell most, if not all, of our production to our Asian partners — I wouldn’t call [out] the specific country . . . They can eat up almost all of our production, or our partners to the north,” he told the Financial Times
“You will see some changes,” said Leigh Curyer, chief executive of NexGen Energy, which is developing a large uranium mining project in Canada. “Perhaps their production will increase to servicing Russia and China. If that’s the case, western world utilities will look to western world suppliers . . . I think we’re already seeing signs of that.”
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