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No. 1 Uranium Miner Backs Physical Fund in Nod to Robust Demand

  • Kazatomprom investment to support physical uranium purchases
  • Analyst says fund may remove metal from market, lifting prices
Inside The European Union's Last Uranium Mine

Photographer: Martin Divisek/Bloomberg

Kazatomprom, the world’s largest uranium miner, is backing a new uranium fund that aims to invest in the radioactive metal used to power nuclear reactors.

ANU Energy OEIC Ltd. was established as a fund to hold physical uranium as a long-term investment, with initial purchases financed from a $50 million investment by Kazatomprom, the National Investment Corporation of the National Bank of Kazakhstan and United Arab Emirates-based fund manager Genchi Global Ltd., Kazakhstan’s national atomic company said in a Monday statement.