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Kazatomprom has production issues

Kazakhstan-based Kazatomprom, the world’s leading uranium miner, is encountering production hurdles that may impact its output targets over the next two years, contributing to the challenges in the global uranium supply chain.

The London-listed company, controlled by Kazakhstan’s government through its sovereign wealth fund, revealed last Friday that shortages of sulfuric acid and construction delays at newly developed deposits are posing challenges that are likely to persist into 2025. This setback raises concerns about potential disruptions in the supply of nuclear fuel amid a rebound in demand.

You can read more on the matter here.

What’s going on?

• China’s Citic Securities Halts Short Sales Amid Persistent Stock Declines (theDeepDive)

• US Existing-Home Sales Decline to Cap Worst Year Since 1995 (BNN)

• Japan’s SLIM spacecraft reaches lunar surface in historic moon mission (CNBC)

• Jordan Peterson Ordered By Court To Undergo Social Media Training, But At What Cost? (theDeepDive)

• Alex Soros says a Trump win is a done deal for the Davos elite (CNBC)

• Can’t Afford Air Jordans? You Can Rent A Pair (theDeepDive)

• Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs (Reuters)

• Pakistan and Iran Exchange Airstrikes Amidst Regional Unrest (theDeepDive)

• Houthi Missiles Do Far More Damage to Trade Than to Actual Ships (BNN)

• Truckers Just Can’t Stop Hitting Overpasses in BC (theDeepDive)

• Wayfair Boss, Weeks After Viral Memo, Cuts 13% of Staff (WSJ)

What’s the latest?

• Northvolt Halted: Construction of Northvolt's large electric vehicle battery plant near Montreal is on hold until a court ruling next Tuesday, following an injunction request by the environmental group Centre québécois du droit de l'environnement and three citizens. The group is challenging the project due to environmental concerns, particularly the potential damage to local wetlands. The plant has an estimated $7 billion investment.

• Canada Retail Sales: Canadian consumers significantly increased their retail spending in November, recording a 0.8% jump in receipts, the largest since April, according to Statistics Canada. This surge followed a 0.2% decrease in November, indicating a shift in consumer behavior. Notably, sales declined in four of nine subsectors in November, but motor vehicle and parts dealers experienced a notable increase.

• Oil Cleanup: Internal documents obtained by a University of Calgary researcher suggest that Alberta's environmental liability for oil and gas well cleanup could be nearly three times higher than the Alberta Energy Regulator's recent estimate. The regulator's report, released Wednesday, pegged the cost at $33.3 billion, based on 2015's Directive 11. The cleanup costs were found to be 65% to 675% higher than Directive 11's estimates, leading to an overall liability of approximately $88 billion.

• Bitcoin ETF Inflows: BlackRock's iShares Bitcoin ETF quickly achieved $1 billion in assets within the first four days of trading, marking a significant milestone among the newly launched ETFs tracking spot bitcoin prices. This achievement comes after the U.S. Securities and Exchange Commission recently approved nearly a dozen ETFs focused on the world's largest cryptocurrency.

• US Home Sales: U.S. existing home sales decreased by 1.0% in December to a seasonally adjusted annual rate of 3.78 million units, the lowest since August 2010. This decline reflects the impact of high mortgage rates, with the average rate on a 30-year fixed-rate mortgage exceeding 7.0% in the previous months.

Major gold discovery in Colombia

The stock market and stuff

• Former Endeavour CEO Stands To Lose $29 Million After Being Fired (theDeepDive)

• BlackRock's spot bitcoin ETF first to hit $1 bln in assets (Reuters)

• GameStop Is Closing Its NFT Marketplace (theDeepDive)

• Blackstone to take Tricon Residential private for $3.5 billion (Reuters)

In the juniors

• NowVertical Now Has A Shareholder Problem With Calls For Board Overhaul (theDeepDive)

• Spirit Airlines Looking to Refinance $1.1 Billion in Debt (WSJ)

• Power Nickel Begins Nisk 2024 Winter Drill Program (theDeepDive)

• Libero Copper To Conduct 10-to-1 Reverse Split (theDeepDive)

FULL DISCLOSURE: LNG Energy Group is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of LNG Energy Group. The author has been compensated to cover LNG Energy Group 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.