Russia is already a major uranium producer. So why is it trying to buy even more uranium from Kazakhstan? That was the most interesting part of Trevor Hall and Justin Huhn's latest Going Nuclear discussion. Russia mines uranium, but it also processes uranium into nuclear fuel for its own reactors and customers around the world. And apparently, it wants more. Kazatomprom's shareholders recently rejected a proposed major uranium supply contract with Russia's Uranium One. Most shareholders abstained from voting. Interestingly, they approved a separate agreement with a Chinese buyer. Justin raised another interesting possibility. Russia's uranium enrichment plants might be approaching their limits. If that's the case, Russia could use more natural uranium to produce the same amount of nuclear fuel, reducing the amount of enrichment work required. That would mean even more demand for mined uranium. It's an interesting theory, although we don't have proof. They also discussed UEC's ambitions to enter uranium conversion, US nuclear expansion and whether an AI bubble could hurt uranium investments. I particularly agree with Justin's point about AI. Existing reactors will continue consuming uranium regardless of what happens to the AI boom. My takeaway? Uranium stocks are getting hammered while major buyers are trying to secure future supply. That disconnect is worth watching. But it doesn't automatically make every uranium miner a bargain. @NAC_Kazatomprom @UraniumEnergy @UraniumInsider @TrevAHall youtu.be/rUvfDu94Gv0?is=Vjdx…

Meanwhile, #uranium stocks are trading like utilities are planning to run their nuclear reactors on hopeium. 🤷‍♂️