Yellowcake is a first step toward enriched uranium, but it's a long way from being weapons-grade. The powder must still be converted into uranium hexafluoride before it can be enriched, the process that makes the sort of uranium used by nuclear power plants and bomb-makers alike. Because UF6 can be easily turned into a gas, it is ideal for enrichment, which must be done in a gaseous state.
Despite all the hubbub over Saddam Hussein's efforts to buy yellowcake, the stuff is by no means a rare commodity. Worldwide production is currently around 64,000 tons per year, and that's sure to rise as Central Asian nations like Kazakhstan begin to expand their uranium-mining industries. (By comparison, about 45,000 tons of tungsten, vital to the steel industry, is produced annually.) The competition has depressed yellowcake prices just a tad in recent months; a pound now costs about $10.90, down a dime from what it was trading for this spring.
The old folks just can't figger how to press the button.
