Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

US-Iran De-Escalation: Looking Beyond Risk Premiums

Thematic (Sector/Industry)

Kazakhstan Electric utilities / Thematic (Sector/Industry)

<ul>
<li>Kazakhstan remains the world’s largest uranium producer, accounting for roughly 39–40% of global mine supply in recent years, while Russia continues to retain meaningful influence in enrichment capacity.</li>
<li>Utilities resumed long-duration uranium contracting during 2025–2026 despite elevated prices near US$80–100/lb, suggesting fuel diversification and procurement stability increasingly outweigh pure short-term cost optimisation.</li>
<li>Governments and utilities increasingly appear willing to tolerate higher fuel and infrastructure costs in exchange for stable electricity, diversified fuel access and long-duration energy reliability.</li>
</ul>


Kazakhstan remains the world’s largest uranium producer, accounting for roughly 39–40% of global mine supply in recent years, while Russia continues to retain meaningful influence in enrichment capacity.
Utilities resumed long-duration uranium contracting during 2025–2026 despite elevated prices near US$80–100/lb, suggesting fuel diversification and procurement stability increasingly outweigh pure short-term cost optimisation.
Governments and utilities increasingly appear willing to tolerate higher fuel and infrastructure costs in exchange for stable electricity, diversified fuel access and long-duration energy reliability.


Uranium: Fuel Security Is Starting To Matter More Than Cost