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Yellow Cake exercises Kazatomprom 2022 option

9th February 2023

By: Creamer Media Reporter

     

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London-listed Yellow Cake has elected to purchase 1.35-million pounds of uranium oxide (U3O8) at $48.90/lb from Kazatomprom as part of its 2022 purchase agreement with the Kazakhstan-based uranium major.

Under its framework agreement with Kazatomprom, Yellow Cake has the option to purchase up to $100-million of U3O8 a year from Kazatomprom at an undisturbed spot price, through to 2027.

Kazatomprom proposed the purchase price to Yellow Cake on January 25, enabling the company to subsequently complete its £62-million share placing and then exercise the option.

This represents 1.35-million pounds of additional U3O8 that is to be delivered into storage as part of Yellow Cake's long-term buy and hold strategy, increasing the company's total holdings to about 20.2-million pounds of U3O8.

The material will be delivered to the company's storage accounts at either Orano Cycle's Malvesi / Tricastin facility in France or to Cameco's Port Hope / Blind River facility in Ontario, Canada, in the second half of 2023. 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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