China is making an aggressive push to tie up global uranium supply amid a worldwide rush to secure nuclear fuel, warned the boss of Yellow Cake, a London-listed investment vehicle for the radioactive commodity.
André Liebenberg, chief executive of the Aim-traded company, said the west was lagging behind in securing uranium after prices hit a 15-year high and as Chinese firms purchase supplies on the open market, sign long-term contracts and buy up mines.
“Any mineral they need, they will look to tie up,” he said. “Chinese efforts to secure supply will certainly create competition for resources, and given resource opportunities are limited, they will challenge western utilities’ ability to source supply.”
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