Sponsored by Pegasus Resources

Uranium market gets tighter

In a move driven by the constraints imposed by international sanctions against the military junta in Niger, French nuclear group Orano SA has announced the suspension of uranium ore processing at one of its facilities in the African nation.

This decision, amid the ongoing crisis in Niger, which boasts approximately 5% of the world’s uranium reserves, raises concerns over potential disruptions to the supply of this vital material used to fuel nuclear reactors across the United States, China, and Europe. As a result, the utility firm may find itself increasingly reliant on alternative uranium producers, such as Kazakhstan, Canada, and Australia.

To mitigate potential supply disruptions for its customers, Orano has begun sourcing uranium from its mines in Canada and Kazakhstan. While the company asserts that there is no immediate emergency, it is proactively seeking alternatives to safeguard its supply chain.

You can read more on the matter here.

What’s going on?

• Oil Rallies: Could $90 Be The New Norm? (theDeepDive)

• Trudeau’s Backup Plane Is En Route After Faulty Jet Strands Him in India (Bloomberg)

• Chile’s New National Lithium Policy Brings Clarity To Industry (theDeepDive)

• China’s Improved EV Sales Overshadowed By Saltwater Fires (theDeepDive)

• US marks Sept. 11 attacks with Pentagon, World Trade Center site events (Reuters)

• Odds Of United Auto Workers Strike Grows As Deadline Nears (theDeepDive)

• Evening Radiator Use Faces Scrutiny in UK’s Climate Change Agenda (theDeepDive)

• G20 summit agrees on words but struggles on action (Reuters)

• Denmark’s GDP Gets A Big Boost From Ozempic (theDeepDive)

• Canadians Are Spending More on Taxes Than on Basic Necessities (theDeepDive)

What’s the latest?

• Morocco Quake: Morocco is grappling with the aftermath of a devastating 6.8-magnitude earthquake that struck near Marrakech. The disaster has claimed nearly 2,500 lives and left over 2,400 people injured, with many survivors spending days without shelter.

• US Consumer Spending: A majority of respondents in a Bloomberg survey expect US consumer spending to decline in early 2024, potentially marking the first quarterly drop since the pandemic's onset. Rising borrowing costs and the depletion of Covid-era savings are considered factors contributing to reduced consumption, with implications for economic growth.

• Jonas Boosts Tesla Target: Tesla's stock rallied 6% following an upgrade by Morgan Stanley, which cited the company's Dojo supercomputer as a potential driver for a nearly $600 billion increase in its market value. Dojo is being used to train AI models for self-driving cars and could open up new markets beyond vehicle sales. Morgan Stanley raised its 12-18 month target on Tesla's shares by 60% to $400.

• Trudeau Stranded In India: Prime Minister Justin Trudeau and his delegation faced an unexpected change in travel plans during their visit to India due to a maintenance issue with the aircraft they initially used. The Royal Canadian Air Force sent a CC-150 Polaris to India to pick up Trudeau and the delegation after the aircraft they arrived on experienced mechanical issues when attempting to depart.

Thacker Pass Lithium Mine

The stock market and stuff

• Sprott Physical Uranium Trust To Raise US$125 Million To Purchase Further Uranium (theDeepDive)

• Hacker Targets Vitalik Buterin’s X Account, Swindles $691,000 from Users (theDeepDive)

• Hostess Brands To Be Bought Out By J.M. Smucker Co For $34.25 A Share (theDeepDive)

In the juniors

• Hanryu partners with Papaya to sell FANTOO-branded merchandise in the U.S. (SA)

• Granite Ridge Resources plunges on 7.1M-share secondary offering (SA)

• Titan NRG announces 3M share buyback program (SA)

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