IMPERIALIST HEGEMONY

U.S. Seeks Semiconductor Supremacy with New Funding Initiatives

By Felicity Bradstock - Mar 02, 2024

• The 2022 bipartisan CHIPS and Science Act provided significant funding for semiconductor research and manufacturing, aiming to strengthen US competitiveness in the global semiconductor market and reduce dependency on imports.
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• Despite initial investments, some government representatives and industry experts advocate for a second CHIPS Act ("CHIPS Act 2.0") to accelerate semiconductor development, attract private investments, and solidify the US position in semiconductor manufacturing.
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• While the US government has allocated billions in funding from the first CHIPS Act, discussions continue on the necessity of additional subsidies and financial incentives to compete with major producers like TSMC and to ensure long-term semiconductor manufacturing independence.

As it accelerates its green transition, the U.S. is looking to become a major player in the international semiconductor market, to become more competitive with Asia, the world’s biggest producer and consumer. The 2022 bipartisan CHIPS and Science Act introduced a high level of public funding for research and manufacturing into semiconductors in the U.S. This supports the overarching aims of establishing the country as a major manufacturing hub and strengthening the supply chains that aid the green transition. Now, some government representatives are suggesting the need for a CHIPS Act 2.0 to spur investment further and solidify the position of the U.S. in the global semiconductor market. 

The 2022 CHIPS and Science Act provides around $280 billion in funding for research and development into semiconductor technology and manufacturing operations. The funding includes $39 billion in subsidies for U.S.-based chip manufacturing, further supported by tax credits for operational equipment. It also contributes significant funds to the science and technology sector. The Act aims to revitalise domestic manufacturing, create well-paid jobs, strengthen domestic supply chains, and accelerate the industries of the future.

Currently, China is the biggest semiconductor market, purchasing more than 50 percent of the global supplyevery year. China continues to be highly dependent on semiconductor imports, sourcing many of its chips from the Dutch giant Advanced Semiconductor Materials Lithography (ASML) and the Taiwan Semiconductor Manufacturing Company (TSMC). TSMC produces around 80 to 90 percent of the world’s advanced semiconductors. China also hopes to develop its manufacturing capabilities. In 2023, Chinese companies bought U.S. chipmaking equipment to make advanced semiconductors, despite U.S. policies aimed at restricting China’s import of semiconductor-related technology, to slow its progress in chip production. 

The U.S. is attempting to counter China’s dominance in the global semiconductor market by rapidly developing its production capabilities and striving for technological advancements. While the CHIPS Act has gone a long way in establishing the U.S. role in the global semiconductor market, some industry experts believe more is still needed. The United States Secretary of Commerce Gina Raimondo recently emphasised the need for federal subsidies in the industry to enhance the position of the U.S. in the international microchips market. She believes this can best be done through the launch of a second CHIPS Act to spur more funding. 

Raimondo said, “I suspect there will have to be – whether you call it CHIPS Two or something else – continued investment if we want to lead the world.” She added, “We fell pretty far. We took our eye off the ball.” The development of a second CHIPS Act could support the construction of new chip foundries and the financing of semiconductor startups. It could also help the U.S. develop its technological capabilities in the field of specialised and advanced chip manufacturing. 

However, billions in funding have still yet to be allocated from the first CHIPS Act, with the White House only recently announcing a $5 billion investment in a new chip research initiative (NSTC). In February, the U.S. government awarded $1.5 billion to New York-based chipmaker GlobalFoundries, which was its third and largest grant in the field of semiconductors under the CHIPS Act.

Nevertheless, some industry experts believe that federal funding, alongside private investments in the sector, will help the U.S. achieve chip manufacturing independence within the next two decades. The ambitious policy has also encouraged other world powers to develop similar investment schemes. In 2023, the EU introduced the $46.53-billion European Chips Act to boost competitiveness in the international semiconductor market. 

Related: This Could Be A Gamechanger For Natural Gas In Europe

Raimondo was quick to say that she doesn’t expect all semiconductor manufacturing to be situated in the U.S., but she believes the country’s role in the chip industry can expand substantially. “To be clear, we can't and do not want to make everything in America. We don't want to make every chip in America. That isn't a reasonable goal," Raimondo added. "But we do need to diversify our semiconductor supply chains and have much more manufacturing in the United States, particularly leading-edge chips, which will be essential for AI,” she explained.

Raimondo is not the only one who thinks the government’s investment in the semiconductor industry is too low to ensure meaningful change. The cost of developing chip manufacturing facilities in the U.S. is far higher than in many other parts of the world, such as Taiwan. Meanwhile, TSMC, the world’s largest and most advanced semiconductor manufacturer, spends almost $40 on equipment and research and development every year to advance its capabilities. Therefore, for the U.S. to catch up with TSMC and other major producers, it will likely need to invest significantly more in the sector in the form of grants and financial incentives to encourage higher levels of private investment. 

By Felicity Bradstock for Oilprice.com 

Fleet Space & Stanford University’s Mineral-X Partner to Advance Space-Enabled Climate Innovation




Fleet Space Technologies, a global leader in space-enabled mineral exploration, today announced that it has been named an industrial affiliate of Stanford University’s Mineral-X program - a premiere research organization combining deep expertise in geoscience, resource optimization, and artificial intelligence (AI) to enable a resilient and decarbonized mineral supply chain. Through this collaboration with Stanford University’s Mineral-X, Fleet Space aims to advance research, unlock innovation and accelerate humanity’s clean energy future leveraging space technology.

In collaboration with Stanford University’s faculty and scientists at Mineral-X - Fleet Space will conduct joint research on technological innovation to accelerate sustainable mineral discovery in support of the global clean energy transition. The focus of the research will be on the optimization of drill targeting using satellite connectivity and space-enabled geophysical sensors to deliver real-time subsurface insight at scale - vital capabilities for increasing the accuracy, efficiency, and speed of exploration campaigns worldwide.

“Fleet Space is on the forefront of advancing global efforts to leverage advanced space technology as an indispensable tool for accelerating our planet’s transition to renewable energy. The exploration technologies we’ve built at Fleet Space - enabled by our proprietary satellite constellation - represent a more sustainable and scalable path to increase the supply of energy transition minerals needed to achieve net-zero,” said Co-Founder and CEO of Fleet Space, Flavia Tata Nardini. “We’re honored to kick-off this research collaboration with one of the world’s premier universities to identify new efficiencies and insights that can propel humanity’s shift to clean energy over the coming decades.”




ExoSphere, Fleet Space’s flagship space-enabled mineral exploration solution, has rapidly become an essential tool used by the global exploration industry - delivering 3D subsurface models in days, rather than months or years with other methods. Over 35 leading exploration companies - including Rio Tinto, Barrick Gold, and Core Lithium - have used the technology to complete hundreds of surveys on a variety of different commodity types across five continents. The global adoption of ExoSphere was a major driver behind Fleet Space’s exponential growth in 2023, leading to a doubling of its valuation to A350$ million, and being named Australia’s fastest growing company.

“In an era marked by declining success rates in mineral exploration and rising demand for raw materials needed for the energy transition, scalable 3D geophysical methods stand out as the cornerstone for breakthroughs in exploration efficiency. These methods provide a vital foundation for multi-physics and ML technologies to enhance exploration success,” added Gerrit Olivier, Chief Scientist at Fleet Space. “We are thrilled to partner with Stanford's Mineral-X, a global leader in this domain, to demonstrate how our real-time Ambient Noise Tomography (ANT) technology can revolutionize drilling and exploration processes, setting new standards for efficiency and effectiveness in the field.”

“The global challenges of decarbonization, supply chain complexity, and the critical mineral shortage require a sustained and collective commitment to innovation to deliver the energy transition our planet so desperately needs,” added Dr. Jef Caers, PHD, Professor of Earth Sciences at Stanford and founder of Mineral-X. “We are thrilled to work with Fleet Space to accelerate the development of a resilient supply chain for the minerals needed for clean energy innovation globally. The technology developed by Fleet Space provides critical innovations in geophysical imaging needed to map orebodies with an accuracy not possible with current air-borne and surface methods.

After completing a heavily oversubscribed A$50M Series C funding round, and scaling its mineral exploration technology, ExoSphere, Fleet Space expanded its global footprint to the US, Canada, Chile, and Luxembourg with 120+ employees globally. In November, the company announced that a variant of its ExoSphere technology, SPIDER, will be deployed on the Moon as part of a NASA Commercial Lunar Payload Services (CLPS) initiative to search for water ice deposits and deliver subsurface insight about the lunar regolith in 2026.

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About Fleet Space Technologies

Fleet Space Technologies is Australia’s leading space exploration company revolutionising critical mineral discovery, space technologies, and defence with its satellite-enabled solutions and seismic array technology (Exosphere by Fleet®). Headquartered at the national centre of Australia’s space industry in Adelaide, Fleet has expanded its global footprint to the US, Canada, Chile, and Luxembourg with over 120+ employees, representing 37 nationalities, worldwide. In 2023, Fleet Space was named “Australia’s Fastest Growing Company” by the Australian Financial Review.

About Stanford Mineral-X

Mineral-X is a membership-based industrial affiliates program at Stanford University, one of the world’s leading research and teaching institutions. The purpose of the program is to foster research, innovation, and acceleration to a renewable energy future. It focuses on technological innovation needed to create a resilient mineral supply chain to achieve clean renewable energy. The program will also develop new pathways in the Mineral-Energy nexus, such as geothermal energy and renewable energy resources that enable a decarbonized mineral supply chain.

NUKE NEWZ

UK government buys Wylfa and Oldbury nuclear sites from Hitachi

06 March 2024

An agreement to buy the Hitachi-owned sites for new nuclear at Wylfa in north Wales and Oldbury-on-Severn in southwest England has been reached for GBP160 million (USD203 million), Chancellor Jeremy Hunt has announced.

Hitachi pulled out of plans for a nuclear project at Wylfa in 2020 (Image: Horizon Nuclear Power)

The two sites are expected to be prioritised for new nuclear as the UK seeks to expand nuclear energy capacity. Hunt, delivering the annual Budget speech to Parliament, said the purchase had been made "given the importance of securing nuclear sites for the success of the nuclear programme".

The UK government aims to grow nuclear energy capacity to 24 GW by 2050, with a fleet of small modular reactors (SMRs) a key part of that strategy. Last year, the government and the new Great British Nuclear arms-length body set up to help deliver that extra capacity began the selection process for which SMR technology to use. In October, EDF, GE Hitachi Nuclear Energy, Holtec, NuScale Power, Rolls Royce SMR and Westinghouse were invited to bid for UK government contracts in the next stage of the process.

Hunt said that as well as seeking a site for a new GW-scale nuclear plant, "the government is now moving to the next stage of the SMR process, with six companies invited to submit their initial tender responses by June this year". He added that "no decisions have been taken on projects".

In an interview with World Nuclear News in January, Great British Nuclear Chairman Simon Bowen said that they were looking to get access to the existing earmarked nuclear sites in the country "like Oldbury, Wylfa, Heysham, Hartlepool and the others ... those are recognised nuclear sites which we can build on at scale - the SMR programme is all about scale and getting as quickly as we can to deliver on energy security and on the journey to net-zero".

The Horizon Project was to develop two UK Advanced Boiling Water Reactor units at Wylfa Newydd with the intention to develop Hitachi's nuclear business in the UK but it decided to suspend the project in January 2019, from the viewpoint of its "economic rationality as a private company" because it was clear that further time was needed to decide on a financing structure for the project, and the conditions for building and operating the nuclear power plants.

Tom Greatrex, CEO of the UK's Nuclear Industry Association, said: "This is a pivotal moment for the future of nuclear in the UK and should mark the beginning of new projects at these sites. Wylfa is one of the very best sites for new nuclear anywhere in Europe and there is great promise for a series of SMRs at Oldbury. The success of ramping up nuclear capacity for energy security and net zero rests a great deal on whether we develop at these sites and others."

 

IAEA's Grossi holds talks with President Putin in Sochi

06 March 2024

International Atomic Energy Agency Director General Rafael Mariano Grossi has discussed nuclear safety and security at Zaporizhzhia nuclear power plant in a meeting with Russian President Vladimir Putin. He also held talks with Rosatom's director general and Russian diplomatic and military representatives.

Putin, left, Grossi, right, with Likhachev (Image: Kremlin.ru)

The Russian President's media service's transcript of the opening of the meeting quotes Putin as saying Russia is an "undisputed leader" in terms of cooperation with the International Atomic Energy Agency (IAEA): "We do not only operate, but also actively develop, the nuclear energy sector and consider it to be the environmentally-friendly kind of energy. We are doing everything to increase security at nuclear power facilities."

He added: "As you know, we are doing quite a lot of work in this regard in the international arena, and with your help and support we are implementing numerous projects in many countries around the world ... we are ready for further work in all these areas, we are grateful for your reciprocal steps to strengthen our joint work and, of course, we are ready to discuss any issues that you consider relevant. I know that you have particularly sensitive and important issues on the agenda of our meeting today, and we, of course, are ready to discuss them and do everything to ensure security at any point where we are somehow involved to nuclear energy."

He also noted a range of different Russian nuclear energy developments - including small modular reactors, a nuclear fleet and floating nuclear power plants - and said "all of this is in great demand ... and we are ready to share our developments with all our interested partners".

The published transcript of the opening remarks quote Grossi as saying "it's very important for me to be here. We first talked in St Petersburg a year and a half ago ... it seems to me that everything that has happened since then further demonstrates the timeliness of this conversation. I agree, these are very important times, there are challenges, and we will discuss these challenges".

He also posted on the social media platform X, calling it an "important exchange with the President of the Russian Federation Vladimir Putin in Sochi, on the nuclear safety and security of #ZNPP (Zaporizhzhia nuclear power plant) and other non-proliferation global challenges".

Russia's state nuclear corporation Rosatom said the first meeting during Grossi's visit took place with Rosatom Director General Alexey Likhachev, the head of nuclear regulator Rostechnadzor Alexander Trembitsky, the Permanent Representative to the international organisations in Vienna Mikhail Ulyanov and representatives of the Ministry of Foreign Affairs, the Russian Armed Forces and the National Guard.

A Rosatom statement said: "During the consultations, a wide range of issues was addressed, including those pertaining to prospective tracks of nuclear energy development in Russia and worldwide. The main emphasis of the talks was placed on the issues relating to ensuring nuclear safety and security of the Zaporizhzhia plant ... Alexey Likhachev outlined measures being taken by the Russian side to ensure safe operation ... he also touched upon certain aspects of interaction with the IAEA experts at the plant."

Grossi, second left, started the visit holding talks with Likhachev (third right) (Image: Rosatom)

It said that Grossi had talked about his recent visit to the Zaporizhzhia plant and "the parties confirmed their agreement to continue contacts".

Grossi visited Kiev and met Ukraine's President Volodymyr Zelensky last month, ahead of his most recent visit to the six-unit Zaporizhzhia plant, which is the largest in Europe, and which has been under Russian military control since early March 2022. It is on the frontline of Ukrainian and Russian forces. In a report to the IAEA board of governors earlier this week, Grossi said the safety and security situation at the plant remained precarious.

Holtec and Hyundai E&C partner with British firms to advance UK SMR bid

06 March 2024

South Korea's Hyundai Engineering & Construction, the USA's Holtec International and British construction company Balfour Beatty and engineering firm Mott McDonald have agreed to cooperate on Holtec's bid to construct a small modular reactor in the UK.

The signing of the agreement (Image: Hyundai E&C)

The UK government has plans to expand nuclear energy capacity to 24 GW by 2050, with a fleet of SMRs a key part of that strategy. Last year, the government and the new Great British Nuclear (GBN) arms-length body set up to help deliver that extra capacity began the selection process for which SMR technology to use. In October, EDF, GE Hitachi Nuclear Energy, Holtec, NuScale Power, Rolls Royce SMR and Westinghouse were invited to bid for UK government contracts in the next stage of the process.

"We are at the final stages now of preparing and getting the approvals for the invitation to submit an initial tender document," GBN chairman Simon Bowen told WNN in January. "This is the next stage where all six companies will engage with our contractual documentation in terms of how we think it should be structured. They'll submit the responses in their initial tender, we will then go through a process to down-select to around about four with the aim to be placing contracts later in the year."

Hyundai E&C and Holtec - referred to as Team Holtec - have now signed an agreement with Balfour Beatty and Mott McDonald to jointly participate in the UK SMR technology competition.

The agreement was signed on 5 March at the Korean Embassy in London in the presence of Korean Ambassador to the UK Yeo-cheol Yoon and John Whittingdale, Britain's special envoy for trade to Korea.

Although specific details about the agreement were not disclosed, Hyundai E&C said the partners "will seek close cooperation in submitting bids for GBN's SMR technology selection project, improving market competitiveness for the final investment selection of SMR deployment in the UK, and establishing strategic partnerships for the future deployment of the first SMR reactor".

"Based on this agreement, Hyundai E&C plans to expand the foundation for its entry into the UK SMR business and at the same time further solidify the foundation for its entry into the global SMR business based on its unrivaled technological capabilities and strong mutual trust," it added.

Balfour Beatty announced in December 2022 that it had signed a memorandum of understanding with Holtec Britain - a subsidiary of Holtec International - to support the planning advancement for the construction of Holtec's SMR-160 in the UK. Under that MoU, Balfour Beatty will act as the main UK construction partner and collaborate with Hyundai E&C on the civil construction and installation of the mechanical, electrical and heating, ventilation and cooling systems as well as the equipment required for Holtec's SMRs.

In December last year, Mott MacDonald was appointed as the delivery partner for the Generic Design Assessment (GDA) of Holtec's larger SMR-300 in the UK. Having successfully supported Holtec Britain in securing GBP30 million (USD38 million) of grant funding from the UK government's Future Nuclear Enabling Fund for the GDA, Mott MacDonald is now providing safety, engineering, environmental, and regulatory support to Holtec Britain throughout the process.

In November 2021, Holtec and Hyundai E&C signed a teaming agreement under which Hyundai E&C will perform the detailed design of the balance of plant and prepare the full plant construction specification for the SMR-160, which Holtec has been developing since 2010. The Korean company will also develop the integrated 3D plant model for construction using its Building Information Modelling management process. The partnership also provides for project delivery rights for Hyundai, subject to certain provisions. In October 2022, the two companies agreed to accelerate the programme to complete the balance of plant design of the remaining systems and structures for the SMR-160.

Holtec's 160 MWe SMR is a pressurised light-water reactor using low-enriched uranium fuel. The design has completed the first phase of the Canadian Nuclear Safety Commission's three-phase pre-licensing vendor design review and is undergoing pre-licensing activities with the US NRC. Holtec has also applied for a Generic Design Assessment of the SMR-160 in the UK. Among the countries it is being considered is Ukraine, with a cooperation agreement signed earlier this year with a target date of supplying power by March 2029, and potentially up to 20 SMRs eventually across the country.

SKB begins construction of Forsmark geology building

06 March 2024

Sweden's radioactive waste management company Svensk Kärnbränslehantering AB (SKB) has announced the breaking of ground for its new geology building, which will be a centre for the collection and evaluation of data from surveys and site monitoring on the Forsmark peninsula.

The ground-breaking ceremony (Image: Veidekke)

SKB said the new geology building will be "of great importance for the upcoming major construction projects in Forsmark".

Several of SKB's operations are currently located on the Forsmark Peninsula in Östhammar's municipality, including SFR, the final repository for low and intermediate-level waste, the capacity of which is to be expanded. The final repository for used nuclear fuel from Swedish nuclear power plants is also to be built there.

The geology building - being built by contractor Veidekke - will have two floors, cover about 2000 square metres and, among other things, house a workshop for the survey activities, a storage place for drill cores and field equipment, a chemistry laboratory, modern office spaces and changing rooms. The property is designed with appropriate gates for vehicles and equipment as well as adjacent outdoor staging areas.

How the completed building should look (Image: SKB)

"Great consideration is given to sustainability in the construction of the building, among other things, green concrete with lower carbon dioxide emissions will be used," SKB noted. "The frame and facade will consist of wood and the building will have a so-called sedum roof, a roof with living plants on top of the waterproofing layer. The possibility of electric car charging will also be available."

"We have seen a need to future-proof our premises for upcoming large projects and then it is important for us to build in a sustainable way with consideration for the environment both in construction technology and material selection," said SKB CEO Stefan Engdahl.

He added: "Now the construction phase begins for what we call our green centre on the Forsmark peninsula. As our operations expand, as the expansion of SFR and entrepreneurs establish themselves in the area, several of our operations will be moved to the new premises in the geology building."

Norwegian construction firm Veidekke signed an agreement with SKB in October 2023 to build the geology building under a turnkey contract. The order value totalled about SEK55 million (USD5.3 million).

Construction of the building is expected to be completed in the spring of 2025. During the following summer, existing equipment will then be moved over from the old premises and operations are planned to start in August of the same year.

The SFR repository is situated 60 metres below the bottom of the Baltic Sea and began operations in 1988. The facility comprises four 160-metre-long rock vaults and a chamber in the bedrock with a 50-metre-high concrete silo for the most radioactive waste. Two parallel kilometre-long access tunnels link the facility to the surface. The facility currently has a total final disposal capacity of about 63,000 cubic metres of waste. SKB plans to start work in autumn 2024 to triple the size of the repository, to about 180,000 cubic metres, by excavating six new rock vaults, 240-275 metres long.

SKB submitted applications to build Sweden's first nuclear fuel repository and an encapsulation plant to SSM in March 2011. In January 2022, Sweden's Minister of Climate and Environment announced that construction of the final repository for used nuclear fuel in Forsmark and the associated fuel encapsulation plant in Oskarshamn can proceed. The repository will be used for the disposal of 6000 capsules with a total of 12,000 tonnes of radioactive waste at a depth of about 500 metres.

Orano signs uranium enrichment services contract with ČEZ

06 March 2024

In a contract signed during a visit to the Czech Republic by French President Emmanuel Macron, Orano will supply uranium enrichment services, which will be used at ČEZ's Dukovany nuclear power plant.

(Image: Orano)

It follows a long-term uranium enrichment contract signed with Orano at the end of 2023 for the Temelín nuclear power plant.

Daniel Beneš, chairman and CEO of ČEZ, said: "Securing a Western provider of uranium enrichment services for Dukovany is not only an important step for the Czech energy industry, but also for the entire Czech Republic. This significantly further strengthens energy security."

Nicolas Maes, CEO of Orano, said: "We are happy to be able to extend our long-term cooperation with our proven customer, ČEZ. This contract is a renewed and solid proof of the confidence of this Czech customer in the know-how and reliability of Orano."

The Czech Republic uses nuclear power for 34% of its electricity, generating this from the four reactors at Dukovany and two at Temelin. Its current new nuclear plans include up to four new units, as well as a possible roll-out of small modular reactors.

Researched and written by World Nuclear News

Uranium producer enCore sees first shipment from Rosita plant next week

Credit: REUTERS/MARIANA BAZO


March 05, 2024 — 

Written by Roshia Sabu for Reuters ->


March 5 (Reuters) - Uranium producer enCore Energy EU.O said on Tuesday it expects to deliver the first shipment of uranium from its restarted Rosita Central Processing Plant next week.

enCore is one of the many mining companies that have restarted operations as the prices of nuclear fuel have soared, driven by renewed interest in Nuclear energy.

The Corpus Christi-Texas-based company restarted uranium production at its Rosita plant in South Texas in November last year and is licensed to produce 800,000 pounds of uranium ore annually.

Uranium prices have doubled over the past year as top producers cut output targets as they failed to ramp up production despite reopening mothballed mines.

Encore expects to deliver the initial shipment to a conversion facility in the week of March 11 before delivering the uranium to a utility customer under sales contracts.

The company also said it entered into a fifth commercial uranium sales contract with deliveries from 2026 through 2032.

"With Rosita underway, we are now moving aggressively to re-start the Alta Mesa Plant, which we expect will commence production as planned in Q2/2024," said Encore Chief Executive Officer Paul Goranson.


(Reporting by Roshia Sabu in Bengaluru; Editing by Tasim Zahid)

Terra Uranium acquires two projects in Canada

The Yurkowski Lake Project, an extension of the company's Core Pasfield Project, spans three claims over 4,438.49 hectares (ha).

March 1, 2024

The company now holds a 100% interest in 29 claims. 

Terra Uranium has announced the acquisition of two uranium projects, Yurkowski Lake and Engler Lake, in the Athabasca Basin, Canada.

The Yurkowski Lake Project, an extension of the company’s Core Pasfield Project, spans three claims over 4,438.49ha.

This project is strategically positioned as a north-east extension of the company’s Core Pasfield Project. It is adjacent to the Hawk Project, where Iso Energy is currently conducting drill tests.

Although exploration at Yurkowski Lake is in the early stages, plans for the year include surface exploration, airborne geophysics and ambient noise tomography (ANT), following the successful methodologies applied to Terra Uranium’s core projects.

Engler Lake is a new project in the northern Athabasca Basin, and comprises a single claim covering 5,066ha.

The geophysical anomalies at Engler Lake bear a resemblance to those found at Terra Uranium’s Parker and Pasfield Projects.

The company’s work programmes for Engler Lake this year will mirror those at Yurkowski Lake, with surface exploration, airborne geophysics and ANT on the agenda.

With the addition of these two projects, the company now holds a 100% interest in 29 claims covering a total area of 1,203km².

Terra Uranium executive chairman Andrew Vigar said: “The ongoing internal technical work by our Canadian team has again identified an excellent new target at Engler Lake offering shallow depth targets in the northern Athabasca, as well as Yurkowski Lake, a highly prospective extension to our core project of Pasfield Lake, and this brings the number of T92’s 100%-owned Athabasca Projects to six.

“The ability to stake additional, high-quality projects in a highly competitive market is an indication of the professionalism of our Canada-based team lead by Mr Mike McClelland. In parallel to this, we are also actively advancing discussions on new opportunities and with joint-development partners to fund drilling on our core projects.”

Trinex eyes 75% stake in Gibbons Creek Uranium Project

The initial agreement allows for a 51% stake acquisition, with the option to increase ownership.

February 29, 2024

ALX Resources (ALX) has also outlined plans for a drilling campaign to explore uranium. Credit: John Carnemolla via Shutterstock.com.

Trinex Minerals subsidiary Trinex Lithium has signed a binding letter of intent with ALX to potentially acquire a 75% interest in the Gibbons Creek Uranium Project in Canada.

The initial agreement allows for a 51% stake acquisition, with the option to increase ownership later.

This move will be supported by a capital raise of around A$1.25m ($812,818) through an oversubscribed share placement.

The Gibbons Creek Uranium Project spans 139km² in northern Saskatchewan’s Athabasca Basin, a region known for its uranium production.

This project presents immediate drilling opportunities, with the first programme set to begin in March 2024 at the Airstrip Prospect.

ALX has outlined plans for a drilling campaign to explore uranium mineralisation, building on previous anomalous findings.

The capital raised from institutional and private investors will fund the exploration efforts at Gibbons Creek.

This project’s location in the uranium-rich Athabasca Basin positions Trinex Minerals to potentially tap into significant resources.

Trinex Minerals managing director Will Dix said: “The Athabasca Basin is an outstanding jurisdiction for uranium deposits and Trinex is delighted to gain exposure in this world-class region.

“This earn-in represents a unique opportunity to gain further exposure to energy minerals in Canada, to complement our existing portfolio of prospective lithium projects in the Northwest Territories. With the onground assistance of our major shareholder, Dahrouge Geological Consulting, we are excited to bring local exploration expertise to unlock the value of this new asset.

“The funds realised from the placement will enable the company to conduct exploration activities for the first year on this advanced project. Three target areas have already been identified and an ALX drilling programme will commence in March, after which point Trinex will lead exploration activities.”

Goldman Sachs: Price Rout in Key Battery Metals Isn’t Over

By Tsvetana Paraskova - Mar 06, 2024

• Prices of key battery metals such as lithium, cobalt and nickel have plunged over the last 18 months.
• 
  
• Goldman Sachs sees further price declines over the next 12 months.
• 
  
• The crash in lithium prices over the past year is holding back reinvestment in new supply, the world’s largest lithium producer, Albemarle, says.

Sizeable surpluses in the lithium, cobalt, and nickel markets have led to a plunge in the prices of key battery metals over the past year and a half. The price rout is far from over, according to Goldman Sachs.

Prices still have room to drop, and the end of the bear markets is nowhere in sight, the Wall Street bank said in a note this week.  

“Despite the significant downside in battery metals prices, with nickel, lithium and cobalt prices down 60%, 80% and 65% from cycle peak, respectively, we believe it is too early to call a decisive end to these respective bear markets,” Goldman Sachs analysts wrote in a Tuesday note carried by CNBC.

The bank’s strategists see further price declines over the next 12 months – they forecast a 12% drop in cobalt prices, 15% in nickel, and a 25% plunge in lithium carbonate prices.

In the lithium market, slowing growth in electric vehicle sales, including in the top EV market, China, and a market oversupply sent lithium prices crashing by 80% in the past year, prompting lithium miners to pause and scale back expansion projects. After warnings of project reviews and moves to preserve cash from U.S. and Australian lithium mining firms, some of China’s biggest miners also warned of a plunge in profits and potential asset write-downs.

The crash in lithium prices over the past year is holding back reinvestment in new supply, the world’s largest lithium producer, Albemarle, says.  

Yet, the deferral of new supply developments amid the low prices is setting the stage for the next lithium supply crunch later this decade, according to executives and analysts.

Oversupply is weighing on the cobalt market and prices, too. The surplus could last for years, until 2028, according to an annual report by UK-based cobalt trader Darton Commodities, cited by the Financial Times.

Production ramp-ups in Indonesia and by Chinese producer CMOC in the Democratic Republic of Congo boosted supply by 17% last year, compared to demand growth of 12% amid slower EV demand growth, Andries Gerbens, director of Darton Commodities, told FT.

The nickel market has also been a bear market for some time amid oversupply.

Top nickel exporter Indonesia said last week that the country would ensure a well-supplied market to keep costs lower for EV manufacturers, and investors shouldn’t expect a price recovery.

Some nickel producers have already announced output curtailments due to the price plunge.

“The glut is so significant coming out of Indonesia and that’s now impacting on Class-I nickel prices. We do expect that could continue until the end of the decade,” Mike Henry, chief executive at mining giant BHP, said on an earnings call last month.

Despite the plunge in nickel prices, Indonesia is unlikely to slow its supply, as it is more resilient to potential output cuts due to cheap labor, subsidized power, and abundant raw materials, Ewa Manthey, Commodities Strategist at ING, said last month.

“Meanwhile, the newly elected president of Indonesia, Prabowo Subianto, is likely to continue the current government’s mining policies in the country. We believe rising output in Indonesia will continue to pressure nickel prices this year,” Manthey noted.

But some analysts expect the surplus to begin shrinking earlier than feared and nickel prices to recover earlier than expected.

Macquarie analyst Jim Lennon believes the nickel price rout is close to an end, as evidence on the ground in China suggests a much stronger demand than official data.  

“Essentially, demand in China was much stronger than most people had in their numbers,” Lennon told The Australian Financial Review this week after returning from a recent trip to China.  

The surplus this year would be much smaller than previously expected, which could prompt the market to “correct a lot more quickly,” Lennon added.

By Tsvetana Paraskova for Oilprice.com

LITHIUM

Lake Resources to trim global headcount in cost-cutting drive

The company is also streamlining other general and administrative expenses, seeking to extend its financial runway.

March 4, 2024

This latest move comes after the completion of the Phase One Definitive Feasibility Study (DFS) for the company’s flagship Kachi project in Argentina.

 Credit: Cavan-Images via Shutterstock.com.

Australian lithium developer Lake Resources has initiated a series of cost reduction measures, including layoffs across non-core positions.

The company is laying off around 50% of its non-core operational and administrative jobs globally.

Additionally, it is streamlining other general and administrative expenses.

The latest decision follows a previous announcement of an estimated 40% cut in expenses for the quarter ending 31 March 2024, compared with the quarter ending 31 December 2023.

These measures are expected to result in around an additional 30% decrease in expenditures in the quarter ending 30 June 2024, compared with the quarter ending 31 March 2024.
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This move comes after the completion of the Phase One DFS for the company’s flagship Kachi project in Argentina.

The company aims to extend its financial runway and enhance its position for choosing a strategic partner.

It has confirmed that the Environmental Impact Assessment submission, scheduled for 31 March 2024, and the strategic partner selection process will not be affected.

Additionally, the company is exploring the monetisation of non-core assets and lithium tenements that are not related to the Kachi Project.

Kachi Project CEO David Dickson said: “Despite the current backdrop of depressed short-term lithium pricing, we remain very enthusiastic about the Kachi Project, and its potential to deliver long-term value.

“We are committed to taking all necessary actions to preserve our financial flexibility while we execute a thorough and prudent strategic partner selection process that results in the best outcome for Lake and its shareholders.

“We are focused on delivering the Kachi Project in 2028, which is forecast to align with the start of a prolonged period of structural deficit for battery-grade lithium chemicals.”

Frontier Lithium and Mitsubishi form JV for lithium operations in Canada

Under the deal, Mitsubishi will acquire an initial 7.5% stake in the project for C$25m ($18.4m)

Annabel Cossins-Smith

March 4, 2024

Pools of brine containing lithium carbonate stretch through a lithium mine in the Atacama Desert, Chile. Credit: John Moore/Getty Images.

Canadian miner Frontier Lithium will form a joint venture (JV) with Japanese conglomerate Mitsubishi Group to boost lithium mining and processing in Ontario, Canada.

The JV will look to advance operations at Frontier Lithium’s PAK lithium mine project, the second-biggest lithium mine by size in North America, and a planned lithium chemicals conversion facility, the company said in a press statement published on Monday.

The deal was signed on Saturday. Under the agreement, Mitsubishi will acquire an initial 7.5% stake in the project for C$25m. After a definitive feasibility study (DFS), Mitsubishi will have the right to increase its interest in the JV to 25% through the purchase of additional shares at a price based on the net value of the project, which will be determined through the DFS, Frontier Lithium said.

Frontier Lithium CEO Trevor Walker called the deal a “significant milestone” for the company as it looks to become a key lithium supplier to the North American electric vehicle battery materials supply chain. “Mitsubishi’s investment reflects confidence in Ontario’s jurisdiction, the quality and scale of our asset, and Frontier’s operational expertise.”

Kota Ikenishi, general manager of the battery minerals office at Mitsubishi, added: “PAK is an outstanding lithium project, and we recognise its strategic value in ensuring a secure supply of lithium to North American markets. We are excited to build a long-term relationship with Frontier and leverage our complementary skills and capabilities to deliver PAK into production.”

The move comes after a recent memorandum of cooperation was signed between the governments of Canada and Japan to work more closely to establish sustainable and reliable global battery supply chains independent of Chinese influence.

The companies hope to generate investments in the upstream, midstream and downstream sectors, including the mining and processing of lithium and other critical minerals, which are essential to the making of energy transition technologies.

Guinea trade unions suspend national strike after union   boss  LEADER  released

The suspension follows the release of union boss    LEADER     Sékou Jamal Pendessa.

Annabel Cossins-Smith

February 29, 2024

Guinea is one of the world’s largest producers of bauxite. 

Credit: Kholod Michael via Shutterstock.com.

Guinea’s trade unions have suspended a nationwide strike that had been ongoing since Monday and crippled the country’s mining sector.

The Guinean Trade Union Movement, a group representing multiple workers’ unions, said in a statement on Wednesday that it would suspend the general strike following the release of Sékou Jamal Pendessa, secretary-general of the Union of Press Professionals of Guinea. Pendessa’s release from detention was a key demand from the unions when the strike began.

The statement added that the group is willing to resume negotiations as early as Thursday. It reiterated remaining demands that will be brought to talks with the West African nation’s junta government. These include lowering the prices of basic foods, lifting internet restrictions and the formal application of a minimum wage deal agreed with the government in November last year.

The strike had been severely disrupting mining operations across the country as usually bustling streets in the nation’s capital were left deserted.

On Monday, a senior official at a mining company told reporters that the situation was “untenable,” adding that “everything is at a standstill”. The union had originally said the duration of the strike would be indefinite.

Guinea has been under the control of a military junta, which seized power in 2021 after a coup. Anti-government protests have sporadically erupted throughout the past few years, intensifying over recent months. So far, all have been quashed by the junta, sometimes violently.

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Strikes follow the sudden dissolution of the transitional government, which had been in power since July 2022, by the military junta without explanation.

The nation is the world’s second-biggest bauxite producer. Traders said earlier this week that alumina prices in China were trading higher due to the strike.

Guinea is also home to a massive iron ore project, approved by mining major Rio Tinto’s board last week, that will see the construction of 552km of new railways and several new mines.

Adriatic Metals opens Vares silver project in Bosnia

With investment of $250m (£196.45m), Adriatic produced the first silver/lead concentrate and zinc concentrate from the Vares Processing Plant.

March 6, 2024

The Vares Project is located in Bosnia and Herzegovina. Credit: Adriatic Metals.

Precious and base metals developer and explorer Adriatic Metals has announced the official opening of its Vares Project in Bosnia and Herzegovina.

This comes after the production of first concentrate at the Vares Project on 27 February 2024.

Following an investment of $250m, Adriatic Metals produced the first silver/lead concentrate and zinc concentrate from the Vares Processing Plant.

Adriatic Metals CEO Paul Cronin said: “I am delighted to celebrate this momentous occasion with the team who helped deliver this project.

“This wonderful event represents not only a significant milestone in Adriatic’s journey to becoming a mid-tier, European-focused mining company but also a turning point for the local community as well.
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“We have always embraced the ‘Adriatic Way’, which aims to set a new standard for responsible mining operations. Our focus is sustainable resource extraction alongside innovation, community engagement and economic development.”

Adriatic Metals noted that its Vares Project is equipped with modern technologies and adheres to environmental, social and governance (ESG) standards.

The company added that its investment in the Vares Project has had a substantial economic impact, contributing 25% to Bosnia’s foreign direct investment in 2022.

Over the duration of the mining operations, the project is projected to generate approximately $177m in corporate tax and social contributions.

Sourcing ore from the Rupice Mine, Adriatic Metals is now shifting its focus towards optimising the plant’s performance.

It aims to enhance production and is on track to achieve a nameplate capacity of 800,000 tonnes per annum by the fourth quarter of 2024.

Federation of Bosnia and Herzegovina Prime Minister Nermin Nikšić said: “I am happy that we have all come together today to recognise the importance of the Vares Project.

“Regardless of the fact that the project is constructed in Vares and the Zenica-Doboj Canton, within the Federation of Bosnia and Herzegovina the significance is immeasurable.

“This project has invested $250m and employs directly or indirectly over 500 people. This is something that all authorities must fully support.”