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.
“The establishment of ANU Energy is a project that has been in development for almost four years as part of Kazatomprom’s broader value-focused strategy,” Chief Executive Officer Mazhit Sharipov said in the statement. “The fund will be operating in an environment of tightening supply, driving positive benefits for its stakeholders.”
The fund comes just a few months after the Sprott Physical Uranium Trust helped fuel a rally in prices that renewed debate on whether nuclear power can be part of a global push to for less polluting energy sources to replace fossil fuels.
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