"The International Atomic Energy Agency (IAEA) has signed...

"The International Atomic Energy Agency (IAEA) has signed contracts to purchase low-enriched uranium (LEU) from NAC Kazatomprom and Orano Cycle, paving the way for the establishment of the IAEA LEU Bank in 2019"....90 tons of LEU to be stored in Kazakstan.

"Other assurance of supply mechanisms established with IAEA approval include a guaranteed physical reserve of LEU maintained by Russia at the International Uranium Enrichment Centre in Angarsk, Russia, and an assurance of supply guarantee for supplies of LEU enrichment services in the UK. The USA also operates its own LEU reserve"

Uranium will never be as liquid a contract as oil, but with Kazatomprom's listing now complete, and a mandate to formalise a world bank, there's a sense that musical chairs are being played right now; we also have Yellow Cake taking physical delivery of U out of Kazakstan, which in my opinion is a strategic understanding of uranium emerging as a geopolitical commodity. The IAEA needs some long term assurances for delivery knowing that the Kazaks will be a major player in the supply chain 

Its interesting and will become more so over the next few years if nuclear renaissance emerges. I think the strategists understand this, particularly with China's import requirements: that we'll see the China-Kazak influence on one hand and the Canadian supply block on the other. Perhaps sometimes there will be harmony and perhaps sometimes there won't.