Bad news out of Kazakhstan sparked a surge in the share prices of multiple uranium stocks on Friday, with shares of companies such as Cameco (NYSE: CCJ) and Denison Mines (NYSEMKT: DNN) rising 9.6% and 9.7% through 1:15 p.m. ET, while Corpus Christi, Texas-based uranium producer Uranium Energy (NYSEMKT: UEC) beat them both with a 12.1% gain.
As the Financial Times reported this morning, Kazakh uranium mining company Kazatomprom has warned that a lack of supply of sulfuric acid, used in the extraction of uranium metal from uranium ore, will cause it to miss production targets for as much as the next two years.
An acid test for uranium demand
Kazatomprom (short for “Kazakh atomic industry”) produces roughly 20% of all uranium metal mined all around the world in a given year. Worries that other uranium companies may not be able to pick up the slack are driving uranium prices to, if not an…
