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China Greenlights $27B Nuclear Surge

China has approved construction of 10 nuclear reactors worth nearly $27.4 billion, accelerating the world’s most ambitious atomic energy program as the country works to meet climate goals while reducing reliance on coal, state media and companies involved in the projects said.

The approvals, granted at an April 27 State Council meeting led by Premier Li Qiang, will add approximately 12 gigawatts of generating capacity across five sites, according to statements from China General Nuclear (CGN) and China National Nuclear Corporation (CNNC).

The reactor approvals mark the fourth consecutive year China has authorized at least 10 new units annually, underscoring Beijing’s commitment to its target of 200 gigawatts of nuclear capacity by 2035, more than tripling its current fleet.

You can read more on the matter here.

What’s going on?

• Recession is Here: Canadian Economy to Shrink for Two Straight Quarters—Deloitte (theDeepDive)

• U.S. wants to start tariff talks with China, state media says (Globe)

• Musk On Reports Of Replacing Him As Tesla CEO: “Deliberately False Article” (theDeepDive)

• Donald Trump to sack national security adviser Mike Waltz (FT)

• Trump: “I Actually Think The Conservative Hated Me Much More Than The So Called Liberal” (theDeepDive)

• US says minerals deal will strengthen Trump in talks with Russia (Reuters)

• India Accelerates Nuclear Power Expansion to Meet Climate Goals (theDeepDive)

• Dominion Says Tariffs May Add $500 Million to Wind Project Cost (Bloomberg)

• US Adopts China-Style Playbook in Race for Critical Minerals (theDeepDive)

• Musk says ‘eyebrow-raiser’ $2.5 billion Fed building expansion should be subject to scrutiny (CNBC)

What’s the latest?

• Unemployment: U.S. initial jobless claims rose to 241,000 for the week ending April 26, the highest since February and above the 225,000 forecast, signaling potential weakness in the labor market. Continuing claims climbed to 1.92 million, their highest level since November 2021. A large part of the increase came from New York, possibly due to school recess. This follows a 0.3% GDP contraction in Q1, suggesting broader economic softening amid tariff uncertainty.

• Hudson’s Bay: Hudson’s Bay, which filed for creditor protection earlier this year, received formal bids for its assets ahead of an April 30 deadline. Canadian Tire, backed by funds from its $1.3B sale of Helly Hansen, submitted a bid for some of the company’s intellectual property, joining Urbana Corp. and B.C. mall owner Weihong Liu. The retailer is liquidating 80 Bay and 16 Saks stores, while trying to sell assets like the Stripes brand, Zellers, Hudson North, and Distinctly Home. An April court filing revealed 18 parties expressed interest in 65 leases, with final lease bids due May 1.

• Gold: Gold is up over 25% year-to-date, driven by central bank buying, Asian investor demand, and safe-haven interest amid Trump’s trade war. Despite bullion’s surge, gold mining stocks have lagged, with McEwen Mining down 34% over the past year. Industry veteran Rob McEwen predicts this will soon reverse, forecasting an "explosive" rally in gold equities as investors rotate back. He believes gold could hit US$5,000/oz in the next 2–3 years, pushing miners — from majors to juniors — sharply higher.

• TC Energy:  TC Energy reported a slight dip in Q1 profit to $978 million (or 94 cents per share), down from $988 million (95 cents) a year earlier. Comparable earnings fell to 95 cents per share from $1.02, while revenue rose to $3.62 billion from $3.51 billion. The company approved two major projects: a US$900 million expansion of its ANR pipeline system and a $1.1 billion component replacement at Bruce Power, targeting completion by 2029 and 2030, respectively.

• Cameco: Cameco Corp. reported a Q1 profit of $70 million (or 16 cents per share), reversing a $7 million loss last year. Revenue rose 24% to $789 million, driven by stronger uranium and fuel services performance. Uranium production rose to 6.0 million lbs (from 5.8M), with an average price of $89.12/lb, up from $77.33. Fuel services sales volume surged 60% to 2.4 million kg, at an average price of $56.64/kg, up from $48.36.

Tesla’s Tech Mirage

The stock market and stuff

• Alamos Gold Q1 2025: Net Income Falls Despite Record Gold Prices (theDeepDive)

• McDonald’s US sales drop by most since height of pandemic (FT)

• Hawley Reintroduces PELOSI Act to Ban Lawmakers from Trading Stocks (theDeepDive)

• Microsoft preparing to host Musk's Grok AI model, The Verge reports (Reuters)

• Endeavour Mining’s Record Cash Flow In Q1 2025 Reduced By Hedging Loss (theDeepDive)

In the juniors

• Goldshore Drills 1.10 g/t Gold Over 25 Metres Near Surface (theDeepDive)

• Nevada King Gold Intercepts 1.11 g/t AuEq Over 25m At Silver Park And Confirms New District-Scale Potential For Atlanta-Style Mineralization (JMN)

• Simply Solventless Denies Material Adverse Event As Canadabis Walks From Merger (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.