The Central Asian nation, a part of the former Soviet Union that produces more than 40% of the world’s uranium, has disrupted communications networks and restricted some travel in a bid to quell the unrest. The Kremlin said Russia and its allies in the Collective Security Treaty Organization were sending “peacekeeping forces” after Kazakh President Kassym-Jomart Tokayev appealed for assistance.
The uranium spot price rose 9% to $45.50 a pound on Wednesday, up from $42 on Tuesday and the highest since Novemberaccording to UxC data. The turmoil could lead to more reliance on suppliers outside Kazakhstan, resulting in a surge in shares of uranium companies in North America and Australia.
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