When uranium comes out of the ground it is milled into a powder called yellowcake.
The uranium is isolated, concentrated and refined into uranium oxide, also known as yellowcake.
He said yellowcake uranium is a commonly traded commodity used for nuclear power generation.
MI6's yellowcake allegation derives from information shared by the intelligence services of two other countries, and not passed on to the Americans.
At Isfahan, natural uranium (yellowcake) is turned into a gas that can then be spun in centrifuge machines to produce more usable uranium.
Russia, eager for cash, flooded the world with its vast stores of yellowcake, and many producers in the West were forced out of business.
"They certainly took information that came from single sources on the yellowcake story and on several other stories with no corroboration at all, " he said.
The United States is Cameco's largest customer, Krahn said, but he did not specify if the Iraq yellowcake would ultimately end up in the United States.
Each ton converted wiped out 2, 000 tons of yellowcake demand.
Adnani insists that he can close the yellowcake gap through a technology that is similar to the hydraulic fracturing, or fracking, that has created the South Texas energy boom.
Hundreds of tons were converted along with uranium drawn down from old military stockpiles, dumping back into the market yellowcake mined earlier, sucking the life out of 40% of what was left of the uranium market.
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