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Yellow Cake buys 1.2 million pounds of uranium from Kazatomprom for US$30.4M

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Yellow Cake buys 1.2 million pounds of uranium from Kazatomprom for US$30.4M

Yellow Cake PLC purchased an additional 1.2 million pounds of uranium from JSC National Atomic Co. Kazatomprom for US$30.4 million.

The uranium, purchased for US$25.88 per pound, was transferred to the company at Cameco Corp.'s Port Hope/Blind River facility in Ontario, where the material will be held in storage.

The company said June 3 that it now holds about 9.62 million pounds of uranium that it acquired for US$208.5 million.

"We are pleased to complete the purchase of additional uranium from Kazatomprom, in line with the strategy we set out at the time of our IPO, to buy and hold physical uranium and benefit from the clear long-term fundamentals of the commodity," Yellow Cake CEO Andre Liebenberg said in a statement.

Yellow Cake had purchased 350,000 pounds of uranium from Kazatomprom in August, taking its uranium holdings to 8.44 million pounds.