Russia Limits Uranium Exports

Sponsored by Lithium Chile

Russia Limits Uranium Exports

Global uranium markets reacted swiftly on Friday as Russia imposed new controls on shipments to the United States, though the restrictions appear to leave room for continued trade between the nations.

The announcement from Moscow, which dominates global uranium enrichment with 44% of capacity, sent uranium futures for November 2025 delivery up $4 to $84 per pound, market researcher UxC reported. This surge contrasts with recent market weakness that saw spot prices decline to $77 from May highs near $90.

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Lithium Chile is an exploration and lithium resource company with a property portfolio consisting of 111,978 hectares in Chile and 20,800 hectares in Argentina. Lithium Chile’s flagship project, Arizaro, was just announced to contain an after-tax net present value (8%) of US$2.8 billion, and an IRR of 36.3%, based on the use of DLE technology.

What’s going on?

  • Canadian Housing Starts Remain Flat In October (theDeepDive)

  • Could a saliva test detect concussions? A Waterloo biotech startup goes for that goal (Globe)

  • Prosecutors Seek 21-Year Prison Term for Archegos Founder Hwang (theDeepDive)

  • October inflation expected to show mild bump up despite longer-term downward trend (BNN)

  • India restricts WhatsApp sharing data with other Meta entities, imposes $25.4 mln fine (Reuters)

  • New Study Shows Carbon Pricing Raises Food Prices, Hits Low-Income Canadians Hardest (theDeepDive)

  • 1 in 5 Americans get their news from social media influencers (CNBC)

  • Trump’s new energy council could mean trade opportunity for Canada: experts (BNN)

  • Millennials Pay 40% More Than Boomers Did for Senior Benefits (theDeepDive)

  • Spirit Airlines Encourages Customers to Keep Flying Through Bankruptcy (Bloomberg)

  • Bank of Canada Governor Claims ‘Nowhere Near’ Divergent Levels On U.S. Interest Rates (theDeepDive)

  • Venezuela depreciation risks reversing years of inflation gains (Reuters)

  • German Music Rights Group Sues OpenAI Over Song Lyrics (theDeepDive)

  • Iran allegedly planned to assassinate human-rights crusader Irwin Cotler (Globe)

What’s the latest?

  • Energy: Donald Trump announced a National Energy Council led by North Dakota Governor Doug Burgum, aiming to achieve U.S. "energy dominance." Canadian experts see potential for cross-border energy collaboration, especially in oil and gas. Critics raised concerns over environmental impacts, while supporters highlighted Burgum's pragmatic approach, including his carbon neutrality goals for North Dakota. The move could reshape Canada-U.S. energy dynamics, though Trump's proposed tariffs and reduced renewable energy investments may pose challenges.

  • Inflation: Canada's October inflation is expected to rise to 1.9% from 1.6% in September, driven by higher gasoline prices and property taxes. Core inflation, excluding energy and food, may decline slightly to 2.2% from 2.4%. The Bank of Canada’s recent rate cuts, now at 3.75%, aim to ease inflationary pressure, with another cut expected in December. Rent inflation remains high at 8.3%, but softer labour markets may help slow overall inflation trends.

  • Housing: Canada's housing starts rose 8% in October to 240,761 units, up from 223,391 in September, with urban starts increasing 6%. Multi-unit urban starts grew 7% to 175,705 units, while single-detached starts edged up 1% to 47,406 units. Rural starts were estimated at 17,650. Despite regional gains, Ontario and B.C. saw declines, and CMHC warns that starts remain insufficient to address affordability issues.

  • Spirit Airlines: Spirit Airlines filed for Chapter 11 bankruptcy, citing mounting losses, a failed merger with JetBlue, and rising costs. The airline secured $300 million in financing to continue operations and expects to exit bankruptcy by early 2025. Despite selling assets to raise $519 million and ending 2024 with $1 billion in liquidity, Spirit has not posted a profit since 2019. The carrier plans further downsizing, including furloughing pilots and reducing routes, as it restructures to manage costs.

  • Tesla: Tesla shares surged 7.4% after reports suggested that Donald Trump's transition team aims to prioritize a federal regulatory framework for self-driving vehicles. This move could significantly benefit Tesla, which has long promised autonomous technology, including its upcoming "Cybercab" robotaxi. Although Tesla's Full Self-Driving (FSD) system still requires human supervision, Elon Musk expects unsupervised FSD to roll out in select U.S. states next year.

enCore Energy Q3 2024 earnings

The stock market and stuff

  • First Majestic Silver Q3 Earnings: Revenue Jump & MAJOR Transaction (theDeepDive)

  • Hut 8 Corp Q3 Earnings: Riding A Bitcoin Rally (theDeepDive)

  • Silver Point Closes an $8.5 Billion Fund for Private Credit (Bloomberg)

  • Vanguard says shareholders can vote for profits over ESG issues (FT)

  • Cameco Q3 Earnings: A Mixed Bag (theDeepDive)

  • First Gold Pour Boosts G Mining to $43M Revenue In First Quarter Of Production (theDeepDive)

In the juniors

  • Silver47 Intersects 24.5 Metres Of 486.3 g/t Silver Equivalent At Red Mountain (theDeepDive)

  • Plurilock Signs US$820,000 Sales Order With Law Enforcement Agency (theDeepDive)

  • Orla Mining To Purchase Musselwhite Gold Mine For $810 Million In Cash (theDeepDive)

  • G2 Goldfields Hits 2.9 g/t Gold Over 114 Metres (theDeepDive)

FULL DISCLOSURE: Lithium Chile is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Lithium Chile. The author has been compensated to cover Lithium Chile on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.