Tiny but vital metal markets rush to adjust to Chinese clampdown
A bigger clampdown looks set to have far-reaching ramifications for supply chains feeding American defense and chip-making industries.
Kazakhstan, the world’s largest uranium miner, is conducting “active work” to boost exports of the metal to US energy companies.
The country’s energy ministry said cooperation in the energy sector had been discussed at a meeting with US Senator Steve Daines on Tuesday. The nation already has contracts to supply uranium products until 2032 with firms including Southern Co., Constellation Energy Corp. and Duke Energy Corp., it said.
Interest in the radioactive metal has surged amid a growing supply gap and increased demand as governments worldwide turn to nuclear power to counter climate change. In addition, the US is looking to ban imports of enriched Russian uranium — the kind used to fuel nuclear reactors and weapons — raising the appeal of potential alternative suppliers.
(By Nariman Gizitdinov)
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