UEC - World's largest uranium producer to start physical uranium fund

Uranium shares (URA +6.2%) rocket higher after Kazakhstan, the world's largest producer and seller of natural uranium, unveiled plans to launch in a physical uranium fund. CCJ +7.7%, DNN +11.8%, UUUU +7.9%, NXE +6.6%, UEC +5.5%, OTCQX:WSTRF +7.4%, OTCQX:FCUUF +8.5%. Kazatomprom, the country's national uranium operator and provider of more than 40% of global primary uranium supply in 2019, says its fund will hold physical uranium as a long-term investment with its initial purchases financed through a $50M founders' round investment. Once the fund is operating, Kazatomprom says it plans a second stage of development through an additional public or private offering, with the timing and details to be determined by market conditions. According to Zero Hedge, the fund is expected to raise as much as $500M from institutional and/or private investors, with the proceeds to be used for additional uranium purchases. U3O8 spot prices have climbed back above $45/lb

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World's largest uranium producer to start physical uranium fund