• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Reality catching up with EV forecasts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 days US Oil Independence is a myth and will always be a myth
  • 3 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 9 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 17 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
  • 17 days Natural gas price to spike when USA is out of the market
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Is The World's Biggest Uranium Producer About To Shock Miners?

Short but ominous note from the world’s largest uranium-producing nation this week. Suggesting that some unpleasant surprises could be coming for the mining sector here.

The place is Kazakhstan. Where the country’s president said the government may be about to take some drastic action against foreign operators in the uranium industry.

Speaking at a meeting with national uranium miner Kazatomprom, President Nursultan Nazarbayev said that Kazakhstan may soon look to “reclaim” some assets from mining companies. With the president saying that the action is necessary because firms are “not meeting their obligations” when it comes to mine development. Related: Largest U.S. Refinery Now Belongs To Saudi Arabia

As Nazarbayev put it, “In this regard it is necessary to either ensure that they meet their obligations or look into reclaiming those assets in the interests of our state.”

ADVERTISEMENT

That’s a serious warning from the government. Especially given that Kazakhstan’s uranium sector has attracted considerable foreign investment over the last several years — including from Areva, Cameco, and Sumitomo, as well as Russian and Chinese developers.

The government didn’t elaborate as to which of these project holders are not pulling their weight. But the warning suggests all of these companies could see their ventures come under scrutiny, if they’re seen to be advancing too slowly. Related: Dear President Trump or President Clinton, Here is Your Energy Agenda

There was also little detail as to what exact issues the government has taken with project developments. Which makes the situation all the more concerning, raising the possibility that any number of nitpickings could be used to justify stripping projects.

ADVERTISEMENT

It’s even possible that this whole argument could simply be a pretext for re-enforcing greater state control of the mining sector. Or a means of clawing back choice assets in order to award them to more politically-palatable partners.

Of course, it’s also possible this is just sabre-rattling to spur miners into greater productivity. But the tough words make this an issue all observers in the uranium space need to be paying attention to. Watch for more announcements from the Kazakhs.

Here’s to a grey area in yellowcake

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News