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Uranium shortfall sparks speculation of Russian takeover of supply

Kazatomprom, Kazakhstan’s national atomic company and the world’s largest producer of uranium, is facing significant challenges as it revises down its production targets. Amid these shortfalls, there is growing speculation that a substantial portion of Kazakhstan’s uranium output is being funneled directly to Russia, further intensifying the geopolitical implications of the company’s struggles.

The most glaring example of Kazatomprom’s difficulties lies within the Budenovskoye joint venture, a partnership between Kazatomprom and the Stepnogorsk Mining and Chemical Combine (SGCC), with Russia’s Rosatom holding a substantial stake through SGCC. Budenovskoye is a critical component of Kazakhstan’s uranium production strategy, particularly sections 6 and 7, which were expected to drive significant increases in output over the coming years.

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What’s going on?

• Italian Prosecutor Launches Manslaughter Investigation into Yacht Tragedy (theDeepDive)

• Trudeau announces reduction in temporary foreign workers, suggests more immigration changes to come (CBC)

• Canada To Impose 100% Tariff On Chinese EV’s Weeks After Berating Poilievre For Suggesting Action (theDeepDive)

• Railways work to resume full service after labour board’s binding arbitration (Globe)

• Rumble CEO Leaves Europe Following Telegram Founder’s Arrest (theDeepDive)

• WHO launches plan to stanch mpox transmission and says the virus can be stopped (TS)

• Pavel Durov, Telegram Founder, Arrested in France Over Lack Of Moderation On Social Media Platform (theDeepDive)

• Top defence contractors set to rake in record cash after orders soar (FT)

• California Senate Committee Advances Bill to Expand Housing Loans to Undocumented Immigrants (theDeepDive)

• Fire at Rivian’s Illinois plant damages multiple EVs, no injuries reported (CNBC)

• No, Nevada’s Public Employees’ Retirement System Is Not Just Passively Invested (theDeepDive)

• China’s AI Engineers Are Secretly Accessing Banned Nvidia Chips (WSJ)

• Canadian Family Incomes Plummet in 2022 as Inflation Squeezes Young Households (theDeepDive)

What’s the latest?

• China Tariffs: Canada is set to impose new tariffs on Chinese-made electric vehicles, aluminum, and steel in a bid to protect its domestic manufacturing sector. The government announced a 100% levy on Chinese EVs and a 25% tariff on steel and aluminum, which will take effect in October. The move aligns Canada with the U.S. and European Union in taking a tougher stance against China, amid concerns about unfair trade practices and the impact on local industries.

• Rail Strike: Canada's two largest railways, Canadian National Railway Co. and Canadian Pacific Kansas City, are set to resume operations today following a work stoppage that began last Thursday due to a lockout of over 9,000 workers amid a contract dispute with the Teamsters union. The stoppage, which disrupted freight traffic nationwide and commuter services in major cities, was ended by a decision from the Canada Industrial Relations Board on Saturday.

• Housing: The Canadian government has identified 56 federal properties, equivalent to the size of about 2,000 hockey rinks, where hundreds of new affordable homes could be built to help address the country's housing shortage. These properties will be featured in the new Canada Public Land Bank, with five locations in major cities already available for long-term leasing at discounted rates. The initiative, led by Housing Minister Sean Fraser, is part of a strategy to build up to 3.9 million homes by 2031.

• Exxon Asset Sale: Nigerian regulators anticipate granting formal approval for Exxon Mobil Corp.'s $1.3 billion sale of its oil and gas assets to Seplat Energy Plc within four months, concluding a process that began in February 2022. The Upstream Petroleum Regulatory Commission expects the approval to be finalized within the 120-day legal timeframe.

• Pavel Durov: French President Emmanuel Macron confirmed that Pavel Durov, the Russian-born founder of Telegram, was arrested in France as part of an ongoing judicial investigation, clarifying that there was no political motive behind the detention. French authorities have stated that the arrest is linked to investigations by national cybercrime and fraud offices concerning alleged non-cooperation over cyber and financial crimes on Telegram.

Nuclear reactor pipeline and supply gap

The stock market and stuff

• Kazatomprom’s Uranium Shortfall Sparks Speculation of Russian Takeover on Supply (theDeepDive)

• Exxon’s bullish 2050 oil forecast reflects doubt on global energy transition (FT)

• Canadian Airlines See Revenue Surge in Q1 2024, Passenger Numbers Approach Pre-Pandemic Levels (theDeepDive)

• Oil prices jump more than 3% on Libya production halt, Israel-Hezbollah attacks (CNBC)

In the juniors

• Fission Uranium Struggles To Obtain Shareholder Support For Paladin Energy Transaction (theDeepDive)

• Plurilock To Review U.S. Strategic Options, Engages Clear Street Investment Banking (theDeepDive)

• Giant Mining Corp’s Majuba Hill Project: Unearthing Copper Potential in Nevada (theDeepDive)

• NG Energy Begins Commissioning Pipeline At Sinu-9, Gas Sales To Start By Next Week (theDeepDive)

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