Sprott Uranium Watch
Jacob White, ETF Product Manager, CFA: Uranium and uranium mining stocks had a strong month in August. YTD as of 8/31/2023, spot uranium and uranium mining stocks have climbed 25.49% and 21.52%, respectively, outperforming the frothy S&P 500 TR Index's YTD return of 18.73%. We believe the uranium bull market is intact and favorable supply-demand dynamics will likely continue to provide support.
Paul Wong, CFA & Jacob White, CFA: The Nasdaq Sprott Energy Transition Materials Index (NSETM) fell 4.52% in August to close the month at 960.21. Weakening economic data and deteriorating liquidity in China's shadow banking system weighed heavily on most commodities except energy-related commodities. Among stocks, mining indices most exposed to China, such as lithium and copper miners, experienced the sharpest selloff.
California faces an energy gap as it transitions to a clean-powered economy by 2045 and must leave all options on the table until then — including nuclear, according to the state’s top air regulator.
“Cost obviously is a big factor, waste is a big factor, the permitting challenges are a big factor,” Liane Randolph, chair of the California Air Resources Board, said during an interview at the Bloomberg office in San Francisco. “But I don’t think we should prematurely cross anything off the list,” she said in response to a question about whether she supports keeping nuclear power as part of California's energy mix.
China has 21 nuclear reactors under construction which will have a capacity for generating 21.61 gigawatts of electricity, according to the International Atomic Energy Agency. That is more than two and a half times more nuclear reactors under construction than any other country.
There’s an atomic price chasm between Beijing and Washington, giving China a green advantage and leaving the US trailing in its efforts to clean up the power grid.
About half of the enriched uranium that nations around the world use for nuclear power comes from Russia. It supplies almost a quarter of America’s 92 nuclear reactors and dozens of other plants across Europe and Asia. The US is now trying to change that with a big push to build up its own capabilities. Bloomberg’s Jonathan Tirone and Will Wade join this episode to talk about what it will take for the US and its allies to free themselves from Russian uranium.
In a remote, dusty corner of New Mexico, so near to the Texas border that if you wander too close your smartphone changes time zones, sits a pristine factory that is the best chance for the US to wean itself off an addiction that few knew it had: uranium enriched in Russia.
Sweden’s Climate Minister, Romina Pourmokhtari, has unveiled plans to lift the nation’s ban on uranium mining, thereby paving the way for an expanded nuclear energy capacity.
Nuclear power is making a comeback on the EU energy scene after an eventful 2022-2023 year, which according to Paris, reflects an “excellent diplomatic record” for France in defending atomic energy.
Jacob White, ETF Product Manager, CFA: Uranium continued to outshine other commodities, with U3O8 surging 16.35% and uranium miner stocks climbing 9.11% YTD as of July 31, 2023. The growing embrace of nuclear energy is driving demand and sparking a resurgence in uranium mine operations. The U.S. opened its first new nuclear power facility in 30 years (Georgia Power's Plant Vogtle) and is actively legislating to reduce dependency on Russia's nuclear supply chain.
Sweden's government said Wednesday it would remove limits on the number of nuclear reactors allowed in Sweden and simplify the permit process for new reactors.
"The climate transition requires a doubling of the electricity production in the coming 20 years," Climate Minister Romina Pourmokhtari told a press conference.
Paul Wong, CFA & Jacob White, CFA: Given increased electricity demand and the risks posed by climate change, the U.S. power grid desperately needs modernization. There is an immediate need to expand the grid’s capacity, increase its resilience and support its most vulnerable components – the transmission and distribution lines. This is driving the development of energy storage systems and V2G (vehicle-to-grid) technology and is a major copper demand driver.
John Ciampaglia, CEO of Sprott Asset Management, sits down with James Connor of Bloor Street Capital to discuss the current state of the gold market, the resilience of uranium compared to other commodities, the growth of the battery metals sector and Sprott’s focus on providing investors with access to energy transition investments.
Jacob White, ETF Product Manager, CFA: Uranium markets rallied in June with the U3O8 uranium spot price adding 2.61%. U3O8 has climbed a healthy 15.95% YTD, while most other commodities have lost ground. Greater focus on the uranium supply-demand gap helped boost uranium mining stocks in June, with junior miners up 18.88%. Positive momentum in reshoring supply chains continues, given looming sanctions on Russian uranium.
Belgium has reached an agreement with operator Engie (ENGIE.PA) to extend the use of the country's nuclear reactors by 10 years after Russia's invasion of Ukraine prompted Belgium's governing coalition to rethink plans to rely more on natural gas.
Per Jander, WMC: Just back from the 49th annual World Nuclear Fuel Market Conference, Per Jander joins Ed for a timely update on uranium. The theme of the conference was “Mind the Gap”, not in reference to the London Underground, but rather, the need for more uranium production as countries around the world scale up their reactor fleets.
Jacob White, ETF Product Manager, CFA: The U3O8 uranium spot price gained 1.58% in May,* increasing from US$53.74 to $54.59 per pound as of May 31, 2023. Uranium has posted a healthy 12.99% year-to-date return as of May 31, and continued to show strength and diversification relative to other commodities, which declined 13.16% YTD (as measured by the BCOM Index).
Paul Wong, CFA & Jacob White, CFA: Lithium and lithium miners staged a sharp rebound rally in May and were the positive exception among critical minerals. The sector was weighed down by China's faltering recovery, ongoing global growth concerns and the U.S. debt ceiling drama. China’s dominance in critical minerals poses risks to the West’s manufacturing base and national security, highlighting the need for onshoring and friend-shoring energy transition supply chains.
As Kitco previously reported, the world’s total uranium production from mines increased by 2.3% in 2022 to 48,888 tonnes. Kazakhstan was the largest uranium producing country in 2022, followed by Canada and Namibia.
These visuals highlight the uranium mining industry and its output, as well as the trajectory of nuclear energy from 1960 to today.
Russia and China are alarmed over the G-7 nations’ increasing support for Ukraine. Beijing is concerned about the West’s (and India, Japan, and Australia’s) challenge to its claims to the South China Sea. The U.S. and its allies are resisting the autocrats’ supply chain pre-eminence, while Moscow worries about Kyiv receiving more military support, including F-16 fighter-bombers. It is only a matter of time until the West starts targeting one industry that has remained untouched by U.S.-led sanctions thus far: civilian nuclear power, including fuel.
Demand for nuclear energy is unprecedented, with more and more reports predicting nuclear output will have to increase substantially to meet energy transition targets. And that new reality for nuclear was on full display at last week’s Nuclear Energy Assembly (NEA) in Washington, D.C.
Sprott CEO Whitney George discusses the global energy transition and the growing interest in critical minerals investing with Asset TV's Jonathan Forsgren. George explains how Sprott expanded beyond "all things gold" to offer physical uranium, as it forged a path to becoming a recognized asset manager in the energy transition space.
Sprott Energy Transition Materials Monthly: Nationalization and Surging M&A Highlight Secular Strength
Paul Wong, CFA & Jacob White, CFA: The long-term secular growth outlook for energy transition materials got several boosts in April, despite tepid performance for the month. Chile's decision to nationalize its lithium reserves reinforces the metal's role as a global strategic economic asset. M&A activity has heated up in the copper mining sector with lofty bids, including Glencore's $23 billion rejected offer for Teck Resources at a 20% premium.
Jacob White, ETF Product Manager, CFA: The U3O8 uranium spot price climbed 6.01% in April, closing the month at $53.74. The U3O8 price reacted positively to China's bullish comments about its ambitious plans to expand its nuclear energy capacity to supply 18% of its electricity needs by 2060, up from 5% today. YTD, the uranium spot price has gained 11.24% as global acceptance of nuclear energy increases and positive momentum builds within the uranium industry.
Sprott Energy Transition Materials Monthly: How Deglobalization is Changing the Dynamics of Securing Critical Minerals
Paul Wong, CFA & Jacob White, CFA: Commodity prices weakened in March in reaction to financial system stress and recession fears. As deglobalization accelerates, unfettered access to critical minerals is not likely to last. The old system of free and fair access to commodities, including critical minerals, is moving toward one marked by interregional competition, and unstable availability and pricing. China has moved aggressively to acquire critical minerals in the past 20, but we believe the West has near-unmatched capabilities and is a formidable competitor.
Nuclear powers within the Group of Seven nations pledged to end Russia’s dominance over global atomic-fuel markets, potentially cutting off a critical source of geopolitical currency for Russian President Vladimir Putin more than a year after his invasion of Ukraine.
Jacob White, ETF Product Manager, CFA: The U3O8 uranium spot price fell slightly in March, from $50.85 to $50.70. YTD through 3/31/2023, uranium has gained 4.93%, demonstrating resilience relative to other commodities (down 6.47% as measured by the BCOM Index). Along with other equities, uranium mining stocks fell in March, victims of the selloff following the U.S.'s biggest banking crisis since 2008. Positive headlines on nuclear power restarts continued in March.
Paul Wong, CFA & Jacob White, CFA: February saw energy transition materials/critical minerals markets correct, but the secular story remains strong. As the global energy transition "arms race" heats up, the drive to secure supply is fast becoming more important than price. All signs indicate the 40-year bond bull market has likely ended and the next great secular bull market in commodities has begun.
HANetf has launched the Sprott Energy Transition Materials UCITS ETF (SETM) to provide investors with a way to access the critical materials required for the energy transition, Investment Week can reveal.
Jacob White, ETF Product Manager, Sprott Asset Management: Although markets in February saw a reversal of January's positive performance, spot uranium posted a slight gain of 0.20%, outperforming many other asset classes. Uranium miners made headlines with significantly-sized uranium contracts that reflect higher demand for long-term supply commitments. Uranium market fundamentals are the most positive in over a decade and are likely to continue to be the primary performance driver.
For the first time in almost seven years, a new nuclear reactor has started up in the United States.
Whitney George, Sprott CEO: "In addition to our traditional precious metals focus, we have entered the energy transition materials space, which began with the creation of Sprott Physical Uranium Trust.... I believe Sprott is well equipped to offer energy transition investments, which will be a very important theme in the next 10 years."
The Biden administration said on Thursday it is offering $1.2 billion in aid to extend the life of distressed nuclear power plants which, for the first time, could offer funding to a plant that has recently closed.
John Ciampaglia: “I think it's an interesting time to be investing in uranium — from a fundamental perspective, from an energy policy perspective, from a geopolitical risk perspective….we've experienced a sea change in the level of interest related to uranium, energy transition materials and mining investments.” Bloor Street Capital's Nuclear and Uranium Virtual Conference featured John Ciampaglia, CEO of Sprott Asset Management, and Per Jander, WMC Energy, Director, Nuclear & Renewables.
As the world sets aggressive goals to reduce reliance on fossil fuels and move to cleaner energy sources, critical minerals will be essential. Due to years of underinvestment, we believe demand is likely to outstrip supply for many energy transition materials, including uranium, lithium, copper, nickel and others. The investment opportunities may be powerful.
We believe we are in the early stages of an energy transition materials secular bull market and favorable supply-demand dynamics are likely going forward. The upward revision in global growth, the timing effect of the China credit impulse and the surprise ending of China's zero-COVID policy have provided a tailwind for the metals market. For energy transition metals, we see this as a cyclical boost on top of the robust secular demand that is in play.
The Japanese government Friday adopted a plan to make maximum use of nuclear power, in a bid to realize a carbon-free society while ensuring stable electricity supplies.
Jacob White, ETF Product Manager, Sprott Asset Management: January was a strong month for uranium markets, with U3O8 uranium spot price posting a 5.05% increase and uranium mining equities gaining 14.65%. Looking ahead, we believe the uranium bull market still has a long way to run. Over the long term, increased demand in the face of an uncertain uranium supply is likely to support a sustained bull market.
It would be nice if solar and wind could give us all the power we need, but we’re going to need nuclear.
Nuclear energy is increasingly getting another look by federal and state officials seeking to cut greenhouse gas emissions and bolster energy security.
Jacob White, ETF Product Manager, Sprott Asset Management: Three key themes for uranium markets in 2023: 1) increased emphasis on energy security worldwide; 2) higher conversion/enrichment prices may boost spot uranium prices; and 3) the global energy transition supports the case for nuclear power. Uranium's performance was notably strong in 2022, despite the overall bear market. Although uranium mining equities fared less well, we believe that the positive fundamentals for uranium and nuclear energy are likely to provide support in 2023.
South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets.
Paul Wong, CFA, Market Strategist: This year’s top 10 list offers Sprott’s thoughts on what will likely drive markets in the coming year and decade, from a macro perspective and the vantage of our asset classes: Precious Metals and Energy Transition Materials. We believe the global clean energy transition will grow more urgent as energy markets continue re-ordering and energy security becomes synonymous with national security. The signposts point to a commodity-intensive, inflationary and capital-intensive decade where energy transition materials and precious metals will become far more valued than in the prior market regime.
Many world powers have sped-up plans to introduce new nuclear power plants in a bid to reduce reliance on fossil fuels and decarbonise.
Britain said on Monday its 75-million-pound ($90.5 million) fund aimed at helping boost domestic production of nuclear fuel for power plants and cutting reliance on Russian uranium supplies was now open for applications.
Unfortunately, outdated regulations are impeding much-needed innovation to fight climate change. Time is running short.
Japan's Nuclear Regulation Authority (NRA) has approved a draft of a new rule that would allow the country's nuclear power reactors to be operated for more than the current limit of 60 years. The amendment will require parliamentary approval.
Turkey’s government and private companies are in talks with the US for purchases of small nuclear reactors, as the country looks to wean itself off coal.
Three more companies - enCore Energy, Ur Energy and Uranium Energy Corp - have been selected to provide domestically produced uranium to the USA's federal strategic uranium reserve. At the same time, Ur Energy has announced a ramp-up of production at its operating Lost Creek mine after expansions to its sales agreements.
A nuclear power plant on the Philippines’ western coast has sat idle for nearly four decades, costing billions of dollars and never producing a watt of electricity. Now, it’s at the center of a debate over whether the nation should finally adopt atomic energy.
The Department of Energy is spending big to keep America’s old nuclear reactors online while laying the foundations of the nuclear energy industry of the future.
Jacob White, ETF Product Manager, Sprott Asset Management: The uranium markets did not perform as well as other sectors in November, despite having posted relatively strong performance throughout 2022. While the price of U3O8 uranium has lagged since May 2022, conversion and enriched uranium prices have significantly appreciated. We believe that current demand, coupled with a shift away from Russian suppliers, is likely to support a higher U3O8 uranium spot price.
With more than 80 per cent of global GDP covered by one Net Zero pledge or another, meeting 2050 Net Zero targets means the world needs an unprecedented speed and scope of investment.
2022 has been a difficult year for many asset classes. Markets were historically volatile, with higher-than-expected inflation, quickly rising interest rates, the Russia-Ukraine war and the threat of a global economic recession. While metals and mining investments shared in 2022’s volatility, we look ahead to brighter opportunities in 2023.
The conversation around nuclear energy in Europe has shifted and its future now looks very bright, although there are still challenges to overcome, according to EU Commissioner for Energy Kadri Simson. She called for policy-makers, industry and technology leaders to work together to turn opportunity into reality.
Jacob White, Senior Analyst, Sprott Asset Management: The U3O8 uranium spot price climbed 8.32% in October, rising from $48.25 to $52.27 per pound. YTD as of October 31, 2022, the uranium spot price Has climbed by 24.12%. We believe the uranium bull market remains intact despite the negative macroeconomic environment. Our outlook is supported by the unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that are all creating demand for uranium.
Just back from the NEI's International Uranium Fuel Seminar in Las Vegas, Per Jander tackles the latest uranium market news with Ed Coyne and John Ciampaglia. The trio covers uranium spot price action, the doubling of Cameco's YoY uranium production targets and the increased flow of new nuclear reactor announcements from governments worldwide.
President Emmanuel Macron wants to streamline rules to build new nuclear reactors faster as maintenance issues beset France’s aging atomic facilities and the energy crisis spurs the country to accelerate the shift away from fossil fuels.
The International Energy Agency (IEA) projects more than a doubling of nuclear generation by 2050, with at least 30 countries increasing their use of nuclear power, in the Net Zero Emissions by 2050 scenario of its latest World Energy Outlook (WEO).
Ottawa will provide Ontario Power Generation with a $970-million loan to build the Canada’s first small-scale nuclear power reactor at Darlington, which is expected to go online in 2028.
Nuclear reactors are America’s clean energy battleships. They make up the majority of our zero-carbon power, and we are at a crossroads. Our nuclear energy muscles were beginning to atrophy, but the technology is making a roaring comeback.
U.S. firms developing a new generation of small nuclear power plants to help cut carbon emissions have a big problem: only one company sells the fuel they need, and it's Russian.
Jacob White, Senior Analyst, Sprott Asset Management: September was tough on uranium (both physical and stocks), which was negatively impacted by the month's drawdowns. We believe the uranium bull market remains intact, especially given that many countries are facing energy shortages and rocketing costs. Nuclear energy provides a solution as a reliable, affordable base-load energy source.
Mark Carney, the former central banker who now heads Brookfield Asset Management Inc.’s transition fund, said that moving to a net-zero economy will be impossible without wider adoption of nuclear power.
The energy crisis, resulting mainly from the war in Ukraine, and several extreme weather events caused by global warming, have sparked renewed interest in alternative sources of energy. Nuclear power is back in prominence, as governments try to tackle climate change and reduce dependence on Russian fossil fuels.
The Biden administration’s top energy official said the US will redouble its efforts to break free from its reliance on Russian nuclear fuel.
John Ciampaglia, CEO of Sprott Asset Management, and Per Jander of WMC Energy participate in Uranium Conference 5.0, and share their thoughts on the current market environment. 2022 has been a news filled year beginning with civil unrest in Kazakstan, the invasion of Ukraine, energy sanctions on Russia, UK's big push into nuclear power, the restart of idled nuclear plants in Japan and the impending energy crisis in Europe. So why isn't the price of Uranium higher?
John Ciampaglia and Per Jander join Ed Coyne for this timely update on physical uranium and uranium stocks. Uranium markets have been abuzz in 2022 and are benefitting from positive sentiment among investors, despite the very difficult macroeconomic backdrop. Global governments are increasingly looking to uranium and nuclear power to help meet ambitious decarbonization goals, as the world transitions away from fossil fuels.
The chemical maker DowDOW -3.1% will develop a small nuclear reactor for industrial applications, potentially replacing natural gas that is now burned at extremely high temperatures to make changes to chemical compounds. Advanced nuclear technologies, however, achieve the same result without releasing carbon emissions.
Uranium funds have soared from their summer lows as a global energy crunch revives interest in nuclear power.
Putin’s invasion of Ukraine threw energy prices into chaos. Now, the price of a key metal is surging
After years of being called too expensive and too dangerous, a mounting energy crisis kick-started by Putin’s invasion of Ukraine is forcing countries to reconsider their plans to rid themselves of nuclear energy.
When people talk about clean energy, they don’t often realize that more than half of the emissions-free electricity generated in the United States comes from nuclear power.
Uranium's new lease on life, granted by the European Union on July 6, should give fresh legs to already strong prices for the yellow powder metal. The European Parliament, the EU’s legislative wing, voted positively to include nuclear energy in the bloc’s green-energy taxonomy.
Jacob White, Senior Analyst, Sprott Asset Management: Uranium, both the physical spot price and uranium mining equities, had standout performance in August. Uranium’s strength provided a notable divergence from the weak performance of the broader markets. Uranium's gains reflect the increased acceptance among global governments of nuclear power’s dual role in supporting the energy transition away from fossil fuels and higher energy security.
Governments from Japan to South Korea to California are making policy "U-turns" on nuclear power as the cost of energy soars in some of the world's largest economies. Uranium industry experts say the trend will tighten a market where production is already below demand.
China has the capacity to build more nuclear reactors than planned through 2025, the nation’s top industry body said in its annual report.
Faced with the most serious energy crisis since the 1970s, the world is turning back to one of the biggest beneficiaries of the 1973 oil embargo: nuclear power.
California lawmakers vote to extend Diablo Canyon nuclear plant operations as state battles energy emergency
California’s state legislature voted in the early hours of the morning on the last day of the legislative session to give the state the option to keep Diablo Canyon, its last remaining operating nuclear power plant, open for another five years.
South Korea's Ministry of Trade, Industry and Energy (MOTIE) has released a draft long-term energy plan looking 15 years ahead. Under the plan, the proportion of nuclear power will grow to almost one-third of the country's total energy mix by 2030 in a move aimed at boosting energy security and meeting climate goals.
A venture between NTPC Ltd. and India's monopoly nuclear developer is in advanced talks with the government to develop two 700-megawatt reactors in the central state of Madhya Pradesh.
Japan will restart more idled nuclear plants and look at developing next-generation reactors, Prime Minister Fumio Kishida said on Wednesday, setting the stage for a major policy shift on nuclear energy a decade after the Fukushima disaster.
The Sprott Physical Uranium Trust (“SPUT”, TSX: U.U ($US); U.UN ($CA)) was launched just over a year ago in July 2021. While we were optimistic about the prospects for uranium, we could not foresee the tectonic shifts in the uranium sector that followed the launch and SPUT’s significant impact.
There is still a chance for California’s last remaining nuclear power plant to stay open. Last Friday, more than 50 nuclear advocates testified in support of the Diablo Canyon nuclear power plant at a California Energy Commission workshop. Many spoke of the need for California to shore up its electricity grid in the face of coming heat waves and power outages.
The world’s largest uranium producer, Kazatomprom, has increased its 2024 production target by about 10% on the back of growing demand for nuclear energy amid global energy concerns, in a move that points to a reversal of some of the more aggressive curbs seen in recent years as the industry seeks to run down inventory.
Japanese support for a nuclear restart is at its highest since Fukushima disaster, says former IEA executive director
In a first for Japan since the Fukushima nuclear disaster in 2011, public support for a nuclear restart is now at more than 60%, said a former executive director of the International Energy Agency, citing a possible energy shortage and a “very cold winter” as reasons.
China is expected to further expand its installed nuclear power capacity during the 2022-25 period as the country goes full speed ahead with its green energy transition, eyeing carbon neutrality by 2060, said an industry group.
Struggling nuclear reactors would get a $30 billion lifeline under the Democrats’ climate change and tax bill that could save dozens of nuclear power plants from an early retirement.
There is no technology that can replace nuclear energy today, Lynn Good, CEO of Duke Energy, told CNBC’s Jim Cramer at the Evolve Global Summit on Wednesday.
In order to avoid cataclysmic climate failure, the world community must broaden its clean energy arsenal and accelerate technological advances. And that includes nuclear power.
Germany may extend the life of its three remaining nuclear power plants, the economy ministry said on Monday, as public support rises in the face of a possible cut-off of Russian gas.
Europe’s green bond market is preparing to finance nuclear energy projects for the first time.
Japanese Prime Minister Fumio Kishida said he asked for as many as nine nuclear reactors to be online this winter to help with an expected power crunch.
Today's decision by the European Parliament to include nuclear energy in the EU taxonomy will help the fight against climate change and accelerate progress towards a sustainable low-carbon energy system by stimulating investment in new nuclear projects, not just in Europe, but worldwide.
Namibia will see more mines reopening amid rising prices of uranium, the fuel used to produce nuclear energy.
The International Atomic Energy Agency (IAEA) has launched a new initiative aimed at accelerating the safe and secure deployment of advanced nuclear reactors, with a particular focus on small modular reactors (SMRs).
The International Energy Agency (IEA) says momentum is building for nuclear power in many countries amid soaring fuel prices and growing energy security concerns.
Nuclear power can play a significant role in helping countries solve the twin crises of energy and climate and securely transition to future energy systems dominated by renewables, according to a new report, Nuclear Power and Secure Energy Transitions: From Today’s Challenges to Tomorrow’s Clean Energy Systems, released June 30 by the International Energy Agency (IEA).
Russia’s invasion of Ukraine could accelerate uranium’s growing importance. Russia does not comprise a huge portion of the world’s uranium production, ranked sixth among uranium-producing countries in 2021, and representing roughly 6% of mined uranium, according to the World Nuclear Association.
As coal consumption surges amid energy market turmoil, global efforts to slash the use of the most polluting fossil fuel by 2050 appear increasingly challenged.
Since the tragic Russian invasion of Ukraine began, the United States has been rethinking how and if we do business with Russia. This is true in the power sector as well, and the nuclear energy industry has been examining its fuel supply chain, looking at all options that will allow us to transition away from any dependency on Russia.
South Korea will expand the role of nuclear energy in order to meet its climate target. President Yoon Suk Yeol’s new government will increase the portion of atomic power in the energy mix to meet its emissions reductions goal, or Nationally Determined Contribution, it said Thursday.
The Biden administration is pushing lawmakers to support a $4.3 billion plan to buy enriched uranium directly from domestic producers to wean the US off Russian imports of the nuclear-reactor fuel, according to a person familiar with the matter. Shares of uranium companies surged.
Heather Hoff was working in the control room of the Diablo Canyon nuclear plant near in San Luis Obispo County, Calif., when an earthquake caused a tsunami that shut off the power supply cooling three nuclear reactors at the Fukushima Daiichi nuclear power plant in Japan. Three nuclear reactor cores at Fukushima melted down.
Namibia’s finance minister said uranium miners are waiting for prices to recover before reviving projects in Africa’s biggest producer of the ore, which is needed for nuclear power in a world shifting away from fossil fuels.
The US Department of Energy is asking Congress for funding to create a domestic source of enriched uranium, calling the country’s reliance on Russian imports a “vulnerability” for both national and economic security.
Romanian nuclear energy producer Nuclearelectrica has selected the site of the old coal-fired power plant in Doiceşti, 90 kilometers northwest of the capital, for the installation of the first small modular nuclear reactor (SMR) technology in Romania. It broke the news in Bucharest at an SMR workshop organized by the US Trade and Development Agency (USTDA).
The push to make nuclear power a key tool to fight climate change is getting a boost from one of the most unlikely places on Earth: California.
The European Union, the United States, and their Asia-Pacific allies have been on a sanction crusade against Russian for three months now. Energy was not the first target of sanction action, but it has risen to the top of the agenda now. And nuclear is no exception.
Russia dominates nuclear power supply chains — and the West needs to prepare now to be independent in the future
There were 439 nuclear reactors in operation around the globe in 2021, and 38 of them were in Russia, an additional 42 were made with Russian nuclear reactor technology, and 15 more under construction at the end of 2021 were being built with Russian technology.
The European Commission has formally adopted the REPowerEU plan which aims to rapidly reduce EU dependence on Russian fossil fuels. The plan recognises that nuclear will have a role to play in ensuring security of EU energy supplies, and highlights the importance of coordinated action to reduce dependence on Russian nuclear materials and fuel cycle services.
Uranium miners are racing to revive projects mothballed after the Fukushima disaster more than a decade ago, spurred by renewed demand for nuclear energy and a leap in yellowcake prices after Russia’s invasion of Ukraine.
Ed Coyne, Tim Rotolo and John Ciampaglia: A new uranium bull market is underway. Uranium miners are well positioned to take share within the energy sector as energy security and decarbonization take center stage globally. A uranium supply deficit is looming on the horizon, and uranium miners are likely to be the beneficiaries of increased investment. Learn more from our webcast replay.
A new uranium bull market is underway. Energy security and decarbonization are taking center stage globally, igniting a fresh and more rational look at the benefits of nuclear power. Ed Coyne, Senior Managing Director at Sprott, joins Tim Rotolo, co-creator of the North Shore Global Uranium Mining Index (URNMX), to explain how the Index is constructed to provide exposure to the key components of the uranium mining industry.
U.S. Energy Secretary Jennifer Granholm said on Thursday that the United States was working on a strategy to ensure steady uranium supply and that the country should not be sending any more money to Russia for the nuclear reactor fuel.
Douglas Yones, NYSE Head of Exchange Traded Products, interviews John Ciampaglia, Chief Executive Officer, Sprott Asset Management, on the recent launch of Sprott Uranium Miners ETF (URNM).
Toronto-based Sprott Asset Management is preparing to launch an ETF in Europe providing exposure to companies in the uranium mining industry.
The governors of Michigan and California have signaled their support for President Joe Biden’s nuclear agenda.
Nuclear energy pairs perfectly with renewables such as wind and solar to create a reliable, clean energy system. It provides carbon-free, around-the-clock power to fill the gaps when the sun isn’t shining or the wind isn’t blowing. Nuclear also complements renewables because it generates more power with less land—31 times less than solar facilities and 173 times less than wind farms.
Host Ed Coyne is joined by Tim Rotolo, co-creator of the North Shore Global Uranium Mining Index (URNMX), to discuss the current dynamics of the uranium mining sector and how the Index is constructed to provide exposure to the key components of the uranium mining industry.
Europe was already considering expanding nuclear power for climate change purposes. The war in Ukraine might speed up the timeline.
The first quarter of 2022 marked another positive performance for uranium, which saw its value rise an impressive 36 percent over the three month period.
The Energy Department is expected to provide details as soon as Monday on a $6 billion program aimed at keeping uneconomical nuclear plants in service, providing a lifeline to an industry that’s seen a raft of early reactor retirements driven by competition from cheaper power sources.
According to the plan released by the provincial government, Guangdong will develop the nuclear energy industry, with new nuclear power industrial parks to be built in Yangjiang and other places.
As the EU ramps up efforts to reduce dependence on Russian oil and gas, the focus has shifted back towards nuclear energy — along with renewables — as an option.
Sprott Asset Management CEO John Ciampaglia on the soaring price of uranium. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
As European leaders condemn Russia’s unprovoked invasion of Ukraine and unspeakable violence against civilians, many have found themselves in an awkward situation: They need Russian gas to heat buildings and generate electricity.
Currently, there is no permanent nuclear waste depository in the United States. Instead, nuclear waste is stored in dry casks at the locations of currently operating and former nuclear power plants around the country.
Biden banned Russian fossil fuels, but uranium has been trickier to tackle.
The Indian government is reportedly planning to build ten nuclear power plants in ‘fleet mode’ in the country over the next three years.
China's National Development and Reform Commission (NDRC) on Tuesday issued the 14th Five-Year Plan (2021-25) for a modern energy system, in which it outlined clear targets for annual energy supply capacity while specifying measures to enhance the country's energy independence, including increasing nuclear power as the country is going greener.
The government is rushing to make a rapid course correction in its nuclear energy policy, as evidenced by the energy minister calling for swift construction of four nuclear energy plants, a plan that has long been stalled and faced political disruptions under the Moon Jae-in administration.
Belgium on Friday delayed by a decade a plan to scrap nuclear energy in 2025, spooked by the huge rise in energy prices due to the Russian invasion of Ukraine.
A number of Republican senators will unveil legislation Thursday to ban imports of Russian uranium, a move that would further constrict the flow of U.S. dollars into Moscow’s war chest by adding yet another energy source to the list of those embargoed by America over the war against Ukraine.
Uranium prices have gained as much as 40% since Russia’s invasion of Ukraine, touching levels the market hasn’t seen in more than a decade, even though the war has had little immediate impact on global supplies of the fuel used to generate nuclear energy.
The Biden administration is considering imposing sanctions on Russia’s state-owned atomic energy company, Rosatom Corp., a major supplier of fuel and technology to power plants around the world, according to people familiar with the matter.
The uranium spot price surged more than 10% on Wednesday closing in on $60 a pound after media reports that the Biden administration is considering imposing sanctions on Russia’s state-owned atomic energy company, Rosatom.
Soaring fossil fuel prices and rising demand for clean energy have governments around the world reconsidering nuclear power programs that had been left for dead amid safety concerns and massive cost overruns.
The U.S. nuclear power industry is lobbying the White House to allow uranium imports from Russia to continue despite the escalating conflict in Ukraine, with cheap supplies of the fuel seen as key to keeping American electricity prices low, according to two sources familiar with the matter.
The U.S. nuclear power industry is lobbying the White House to allow uranium imports from Russia to continue despite the escalating conflict in Ukraine, with cheap supplies of the fuel seen as key to keeping American electricity prices low, according to two sources familiar with the matter.
Host Ed Coyne is joined by Per Jander from WMC Energy for a lively discussion on nuclear energy and how the uranium market has evolved since the launch of the Sprott Physical Uranium Trust. Ed and Per breakdown how environmental and geopolitical concerns, increased energy demand and energy security are all impacting the shift in sentiment towards nuclear energy.
Ed Coyne, Per Jander and John Ciampaglia: Nuclear energy’s profile as a highly efficient, reliable and zero-carbon producing energy source has helped to create a new bull market for physical uranium. We discuss the shifting sentiment toward nuclear power and why a growing number of investors are investing in physical uranium and uranium miners.
The U.S. Department of Energy (DOE) today released a Notice of Intent (NOI) and Request for Information (RFI) on the implementation of the Bipartisan Infrastructure Law’s $6 billion Civil Nuclear Credit Program.
France will build at least six new nuclear reactors in the decades to come, President Emmanuel Macron said on Thursday, placing nuclear power at the heart of his country's drive for carbon neutrality by 2050.
Company wants to close its coal plants by 2030, extend the life of its Monticello reactor by 10 years and add new solar and wind farms.
Investments in some gas and nuclear power plants would be labelled as sustainable under rules proposed by European Commission on Wednesday, a plan that has split countries and investors, and which some lawmakers will attempt to block.
Countries are plunging deeper into an energy crisis, but some governments are still shutting down reactors.
Nuclear power is back in the headlines. Unrest in Kazakhstan, which provides over 40% of the world’s uranium (the fuel most widely used to power nuclear plants), sent spot prices for the metal up nearly 10% to $46 per pound on 5 January.
Nuclear energy has a proven record of reliability in a world that’s struggling to accept less dependable sources of renewable energy. That brightens the outlook for the uranium that fuels the sector.
Nearly 450 reactors around the world supply various nations with nuclear power, combining for about 10% of the world’s electricity, or about 4% of the global energy mix.
As Europe strives to curb greenhouse gas emissions, France is expanding nuclear power — setting itself at odds with Germany over what constitutes clean energy.
Nearly 450 reactors around the world supply various nations with nuclear power, combining for about 10% of the world’s electricity, or about 4% of the global energy mix.
Turmoil in Kazakhstan – the world's leading producer of uranium, has sent the uranium price up by more than 8% in a week. And that's not the end of it.
West Virginia Senator Joe Manchin, whose opposition is threatening to derail President Joe Biden’s massive social-spending plan, wants to expand at least one of its climate provisions: a tax credit to keep nuclear plants operating.
Uranium mining companies reversed a 10-year decline in exploration budgets in 2021 as companies aim to capitalize on higher yellowcake prices and a rosier demand outlook.
Reactors are poised to become a bigger part of the energy mix as the 2030 emissions deadline looms.
The threat from recent protests and increasing political unrest in Kazakhstan are rippling through the global uranium market and is pushing shares of Canadian uranium producers higher.
The commission sees natural gas and nuclear as means to “facilitate the transition towards a predominantly renewable-based future.
If we believed our own rhetoric about the climate crisis, support for nuclear would be much higher.
The draft proposal could help unleash a wave of investment, but critics say both sources of energy cause damage to the environment.
The climate crisis has shown that it is imperative to move away from carbon-emitting sources of energy, including coal. Now, areas across the U.S. are facing the closure of coal plants that have economically sustained the surrounding communities. Nuclear energy, which has zero operating emissions, can play a key role in giving these communities a second, carbon-free life.
During the past year, the nuclear industry has seen significant milestones in international cooperation, domestic partnerships, new areas of expansion, and global recognition. Nuclear energy is poised to accomplish even more in the coming year.
†The Trusts are closed-end funds established under the laws of the Province of Ontario in Canada. PHYS, PSLV, CEF and SPPP are available to U.S. investors by way of listings on the NYSE Arca pursuant to the U.S. Securities Exchange Act of 1934. The Trusts are not registered as investment companies under the U.S. Investment Company Act of 1940.
††SESG is a U.S. registered exchange traded fund established pursuant to the U.S. Securities Act of 1933 and is listed on the NYSE Arca.
The Sprott Physical Uranium Trust is generally exposed to the multiple risks that have been identified and described in the Management Information Circular and the Prospectus. Please refer to the Management Information Circular or the Prospectus for a description of these risks.
Forward Looking Statements
The above update contains forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements in this update include, without limitation, statements regarding expected future compliance with Rule 15-c-211 and the resumption of regular trading of the SRUUF ticker once OTC Markets confirms that the Trust has satisfied its public information eligibility requirements. With respect to the forward-looking statements contained in this update, the Trust has made numerous assumptions regarding, among other things: its ability to satisfy the requirement of the OTC Markets in a timely manner, or at all. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this update. A discussion of these and other risks and uncertainties facing the Trust appears in the Trust's continuous disclosure filings, which are available at www.sedar.com. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
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