Yellow Cake PLC (LON:YCA) has announced that 8.1mmlb of uranium has been received from Kazatomprom, which is stored at Cameco Corporation’s Port Hope/Bling River facility in Ontario, Canada, following its admission to the AIM market.
The company said its strategy is to be a long-term holder of uranium and the company intends to hold and grow its level of uranium ownership over time.
Yellow Cake believes the recent emerging theme of supply side discipline in the uranium market and the industry cost structure will be supportive of this strategy.
The company sold 76mln new shares at 200p apiece in its initial public offering on July 5, raising US$200mln (£151mln) which it used to buy 8.1mln pounds of uranium from Kazatomprom.
Andre Liebenberg, CEO of Yellow Cake, said: "We would like to thank Kazatomprom for its strong support as a reliable long-term strategic supplier, thereby contributing to the highly successful IPO of Yellow Cake."