Is uranium poised for a renaissance? – by Jonathan Thompson (High Country News – January 25, 2024)

https://www.hcn.org/

As prices climb, mining proposals proliferate. But it might just be hype.

In December, Canada-based Energy Fuels announced plans to begin production at three of its uranium mines, including the controversial Pinyon Plain (née Canyon) Mine, near the Grand Canyon, as well as two operations near Moab, Utah.

It seems like everywhere you look these days, some firm — maybe one with an unusual name (Okapi or Kraken, say) — is announcing that it’s acquiring or staking of thousands of acres of public-land mining claims, embarking on exploratory drilling or has “exciting,” if enigmatic, survey results to report. Does this mean that the long-moribund domestic uranium-mining industry is sauntering down the comeback trail?

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The US plan to break Russia’s grip on nuclear fuel – by Jamie Smyth and Sarah White (January 21, 2024)

https://www.ft.com/

Demand for atomic energy is surging but Moscow dominates the world’s supplies of enriched uranium

Shortly after Vladimir Putin ordered the invasion of Ukraine in 2022, the US banned all imports of Russian oil, liquefied natural gas and coal. But not all energy supplies were included in the US sanctions, nor in those of its European allies. On the contrary, western powers have taken care not to interrupt the flow of raw materials and services from Russia’s state-owned nuclear giant Rosatom and its subsidiary Tenex.

Moscow’s invasion exposed many vulnerabilities in US and European energy supplies, not least in the nuclear sector, where more than a fifth of the enriched uranium fuel required to power both regions’ nuclear fleets comes from Russia.

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Ontario is about to decide whether to overhaul Canada’s oldest nuclear power plant. Does it deserve a second life? – by Matthew McClearn (Globe and Mail – January 22, 2024)

https://www.theglobeandmail.com/

The Pickering Nuclear Generating Station’s dull, mottled-grey concrete domes testify to its more than half a century of faithful service. Lately, its six operating reactors have produced enough electricity to supply 1.5 million people, about one-tenth of Ontario’s total population.

In the coming weeks, Ontario Energy Minister Todd Smith is expected to reveal whether the province will extend the plant’s life. A study last summer from Ontario Power Generation, the station’s owner, examined the feasibility of refurbishing Pickering’s four “B” reactors, commissioned between 1983 and 1986.

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Why the U.S. might just set its sights on Canadian-owned Westinghouse Electric – by David Olive (Toronto Star – January 18, 2024)

https://www.thestar.com/

Westinghouse Electric Co., a Canadian-owned company, is at the centre of a geopolitical struggle between the West and Russia for dominance in the global nuclear-power industry.

Westinghouse is among the nuclear industry’s few vertically integrated companies, designing reactors and providing them with nuclear fuel and maintenance services.The U.S. will be looking to Westinghouse to help triple America’s nuclear power capacity by 2050 to meet soaring U.S. power demand and fight climate change.

At some point, Washington is likely to exert pressure on Westinghouse to play a bigger role in the global nuclear-industrial complex, David Olive writes. Westinghouse also stands to gain from an end to Russia’s near-monopoly on nuclear fuel supplies in Eastern Europe.

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Alberta’s Capital Power partners with Ontario Power Generation to build province’s first nuclear power reactor – by Emma Graney and Matthew McClearn (Globe and Mail – January 16, 2024)

https://www.theglobeandmail.com/

An Alberta power producer aims to build the province’s first nuclear power reactor by 2035. Capital Power Corp., which currently generates electricity using a diversified portfolio featuring natural gas, wind and solar, announced Monday a new partnership with Ontario Power Generation (OPG), operator of a large reactor fleet.

Over the next two years, the companies will jointly assess the viability of building small modular reactors in the Western province. If actually constructed, those SMRs might be jointly owned and operated, OPG says. The announcement is the latest indication that Alberta’s dalliance with nuclear power is gaining momentum. Talk of using reactors to generate steam for industrial processes goes back many years, but none were built.

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10 years after the last uranium speculator left Cañon City, an Australian company is on the hunt – by Sue McMillin (Colorado Sun – January 2024)

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About two dozen property owners in remote northwestern Fremont County neighborhoods are fighting an Australian company that wants to explore known uranium deposits beneath their land.

The residents fear contamination of their water wells, a concern bolstered by the Fremont Conservation District’s recommendation to deny a county conditional use permit because of the potential contamination of Tallahassee Creek, which flows into the Arkansas River about 8 miles northwest of Cañon City. The 10-year permit was approved by Fremont County commissioners in October.

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Wyoming goes nuclear: Cowboy State is set to see uranium mining boom as prices soar and lawmakers propose ban on Russian imports to end Putin’s stranglehold on the rare element – by Keith Griffith (Daily Mail – January 14, 2024)

https://www.dailymail.co.uk/

Uranium mining operations in Wyoming are gearing up for a potential dramatic expansion in operations, as a proposed ban on Russian imports drives up prices for the crucial nuclear reactor fuel.Uranium spot prices hit $92.50 this week, the highest since 2007 and up more than 84 percent from a year ago, according to data shared with DailyMail.com by market-tracking firm UxC, LLC.

On Tuesday, the Department of Energy announced that it would seek bids from contractors to help establish a domestic supply of a uranium fuel enriched to higher levels, for use in the next generation of nuclear reactors.

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World’s biggest uranium miner warns of shortfall just as nuclear demand takes off – by Mark Burton (Financial Post/Bloomberg – January 12, 2024)

https://financialpost.com/

The setback adds to a list of supply challenges that have helped to catapult spot uranium prices to 15-year highs

Kazatomprom, the world’s biggest uranium miner, warned that it’s likely to fall short of its production targets over the next two years, adding another risk to supply as demand for the nuclear fuel rebounds.

The London-listed company, which is controlled by Kazakhstan’s government via its sovereign wealth fund, said on Friday that shortages of sulfuric acid and construction delays at newly developed deposits are creating production challenges that could persist into 2025. It will outline the likely impact on output in a trading update by Feb. 1, it said.

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Uranium jumps to 15-year high as top miner flags shortfall – by Cecilia Jamasmie (Mining.com – January 12, 2024)

https://www.mining.com/

Uranium prices jumped on Friday to an almost 15-year high after the world’s largest producer, Kazakhstan’s Kazatomprom (LON: KAP), warned it’s likely to fall short of its output targets over the next two years.

The miner cited shortages of sulfuric acid and construction delays at newly developed deposits as the main factors behind ongoing production challenges, which it said could persist into 2025. A detailed assessment of the potential impacts on output will be released in a trading update by Feb. 1, it added.

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Uranium price hits new post-Fukushima high – by Colin McClelland (Mining.com – January 3, 2024)

https://www.mining.com/

The spot price of uranium continues to rise, boosted by pledges to triple nuclear power by mid-century, supply hiccups from producers such as Cameco (TSX: CCO; NYSE: CCJ) and the looming threat of a ban on Russian exports to the West.

Uranium hit $91 per lb. this week, another record since triple-digit prices in 2007 and the fallout after the 2011 Fukushima disaster in Japan that saw several countries curb nuclear energy plans. The price has increased from about $50 per lb. at mid-year.

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2024 belongs to an offbeat pairing — uranium and gold – by Alisha Hiyate (Mining.com – January 2, 2024)

https://www.mining.com/

As demand for EV and base metals is expected to slow along with global growth in 2024, two very different metals are likely to stand out from the commodity pack: gold and uranium.

Gold, prized throughout human history, is virtually indestructible. That means most of the over 6.7 billion oz. of the metal the World Gold Council estimates has ever been mined is kicking around somewhere, whether as a wedding ring or in a 400-troy-oz. gold bar stored behind blast-proof gates at the ultra-secure Fort Knox gold vault in Kentucky.

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Site for Canada’s underground nuclear waste repository to be selected next year – by Allison Jones (Canadian Press/Toronto Star – December 27, 2023)

https://www.thestar.com/

Key milestone upcoming for Canada’s nuclear waste

A critical milestone is on the horizon for Canada’s 175-year-long plan to bury its nuclear waste underground, with two pairs of Ontario communities set to decide if they would be willing hosts.

Late next year, the Nuclear Waste Management Organization plans to select the site for Canada’s deep geological repository, where millions of bundles of used nuclear fuel will be placed in a network of rooms connected by cavernous tunnels, as deep below the Earth’s surface as the CN Tower is tall — if the process goes according to plan.

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US and Russia in race to ban uranium trade – by Henry Lazenby (Northern Miner – December 20, 2023)

https://www.northernminer.com/

The United States Congress is preparing for critical votes on legislation impacting the country’s uranium industry, focusing on the Nuclear Fuel Security Act (NFSA) and a potential ban on Russian uranium imports. The proposed NFSA promises to direct about US$2 billion towards revitalizing the domestic uranium and nuclear fuel sectors, upon approval, as a matter of national security.

The funding may come from standard government appropriations or special emergency allocations by the White House. This governmental engagement has already been a catalyst, driving uranium prices up 71% year-on-year to a current high of US$82.30 per lb. of uranium oxide from below US$20.

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China uranium grab poses threat to western energy supply, warns Yellow Cake – by Harry Dempsey (Financial Times – December 9, 2023)

https://www.ft.com/

Prices of nuclear commodity at 15-year high as governments scramble to secure sources of fuel for power stations

China is making an aggressive push to tie up global uranium supply amid a worldwide rush to secure nuclear fuel, warned the boss of Yellow Cake, a London-listed investment vehicle for the radioactive commodity.

André Liebenberg, chief executive of the Aim-traded company, said the west was lagging behind in securing uranium after prices hit a 15-year high and as Chinese firms purchase supplies on the open market, sign long-term contracts and buy up mines.

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Navajo Nation faces possible new threats after decades of uranium mining – by Kate Holland and Tenzin Shakya (ABC News – December 7, 2023)

https://abcnews.go.com/

A Canadian company is working to move forward with uranium extraction.

Just miles from the site of the 1979 Church Rock Mill spill, the largest nuclear disaster in American history, uranium extraction operations could resume near the Navajo Nation. Now, Navajo leaders say the health and prosperity of their community could be in even further jeopardy.

A Canadian company is working to move forward with uranium extraction, an industry that has a lengthy history around the Navajo Nation. “The pursuit of happiness for us is to be able to live in our communities without fear from the impact of radiation and uranium,” said Teracita Keyanna, who grew up near an abandoned uranium mine in New Mexico. “It’s been really scary, just being a mom in this area.”

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