Worries over Kazakhstan's ability to maintain the production levels necessary to keep the world supplied with uranium sparked a bull market in uranium stocks on Friday. Shares of  (NYSE: CCJ), the world's No. 2 producer of uranium and by far the most valuable uranium stock in the West with a $22 billion market capitalization, gained nearly 10% in afternoon trading, while smaller Denison Mines (NYSEMKT: DNN) and Uranium Energy (NYSEMKT: UEC) both surged past 10% gains.

As noted earlier today, both uranium and uranium stock prices are spiking in response to a warning from Kazakh uranium mining company Kazatomprom that it may not achieve targeted production levels this year or next. (Kazatomprom is the world's biggest producer of uranium with a 20% market share.) Additionally, a U.S. government effort announced earlier this week, to encourage production of high-assay low-enriched uranium (HALEU) in the U.S. with $500 million in subsidies, is helping drive prices higher.

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Source Fool.com