Westinghouse, Aecon team up for nuclear new build projects

Thursday, 19 December 2024

Westinghouse Electric Company and Canadian construction company Aecon have announced the signing of two agreements, creating a collaborative framework for the development and deployment of advanced nuclear new-build projects in Canada and around the world.

NON DEI BOARD

The signing of the agreements (Image: Aecon)

Under a strategic cooperation agreement, Westinghouse and Aecon will work together on opportunities for the construction of AP1000 power plants in markets throughout Canada. Meanwhile, under a memorandum of understanding (MoU), Aecon can build on its experience of supplying AP1000 modules and nuclear components for the Vogtle plant in Georgia, USA, and other projects to potentially expand the supply of key AP1000 and advanced nuclear reactor components to projects in Canada and abroad.

Leveraging its fabrication and modularisation facility in Cambridge, Ontario, Aecon previously provided fabrication services of critical nuclear class AP1000 modules for the Vogtle unit 3 and 4 project, and on-site specialised welding services.

Headquartered in Ontario, Aecon is a North American construction and infrastructure development company and is a Tier 1 Canadian constructor with significant nuclear experience. Westinghouse said Aecon will support its advanced nuclear technologies to "provide a way to quickly deploy significant new nuclear to meet economic, environmental and energy security needs in Canada and globally".

"With extensive nuclear EPC expertise, strong technical knowledge, as well as specialised nuclear fabrication and manufacturing solutions tailored to meet the stringent demands of the North American nuclear power industry, Aecon is at the forefront of delivering nuclear infrastructure," said Aecon Nuclear Senior Vice President Aaron Johnson. "We are proud of our role in advancing the energy transition to help ensure the supply of clean, reliable and affordable electricity for generations to come. We look forward to collaborating with Westinghouse through these framework agreements as we continue supporting our clients in their technology selection and deployment."

Westinghouse Energy Systems President Dan Lipman said: "By partnering with Aecon, we are underscoring our commitment to helping to ensure that nuclear new-build projects of all scales will benefit the Canadian economy by employing local trades and creating jobs in Canada. For each four-unit AP1000 project Westinghouse builds in Canada, we expect to create nearly 8000 Canadian jobs during construction and another 12,000 full-time jobs for ongoing operations."

"With Canada's urgent need to bring more nuclear generation online to meet its objectives, the proven, fully operational AP1000 reactor becomes the natural choice because it can be deployed now," said John Gorman, president of Westinghouse Canada. "Today's agreement with Aecon further strengthens Westinghouse's construction and supplier relationships across Canada with an experienced AP1000 project partner to ensure it can move quickly to meet the nation's requirements."

Westinghouse - now owned by Canada's Brookfield and Cameco - noted the agreements with Aecon are the latest in a series of agreements with Canadian firms "that provide opportunities for expansion and diversification by supporting Westinghouse's advanced nuclear technologies globally".

Earlier this month, Westinghouse signed an MoU with BWXT Canada for the potential manufacture of key AP1000 and AP300 reactor components, including steam generators, reactor vessels, pressure vessels and heat exchangers.

In October, Westinghouse and Vancouver-based shipbuilding firm Seaspan ULC announced they had signed an MoU to support nuclear new-build projects in Canada and around the world. Under the agreement, Seaspan has the potential to manufacture key AP1000 and AP300 reactor components, including pipe spools and steel structures.

Westinghouse opened a new global engineering hub in Kitchener, Ontario, in June this year to support its growing Candu and global new-build business. Canada, it said, is now the third largest engineering centre for the AP1000.

In February, Westinghouse released a comprehensive, independent report from PricewaterhouseCoopers outlining the significant economic impact from deploying four AP1000 reactors in Ontario. Their deployment could have an impact of more than CAD28.7 billion (USD20 billion) on Canada's GDP during the manufacturing, engineering and construction phase alone, the study found.

KHNP, Candu Energy and Ansaldo Nucleare sign Cernavoda 1 refurb deal

Thursday, 19 December 2024

Romania's Nuclearelectrica has ceremonially signed the engineering, procurement and construction contract for the estimated EUR1.9 billion (USD1.97 billion) refurbishment of Cernavoda unit 1 with a consortium of Korea Hydro & Nuclear Power, AtkinsRealis's Candu Energy, Canadian Commercial Corporation and Ansaldo Nucleare.

The signing was in the presence of, back row from left: Valeria Baistrocchi, chargé d’affaires at the Italian Embassy; Rim Kap-soo, ambassador of the Republic of Korea; the Head of Romania's Prime Minister’s Chancellery, Alexandru-Mihai Ghigiu; Romania's Energy Minister Sebastian Burduja and Canada's ambassador Gavin Buchan (Image: KHNP)

The engineering, procurement and construction (EPC) contract covers the development of the detailed design, procurement of equipment and materials, execution of retubing works and refurbishment works as well as construction of the necessary infrastructure. Its entry into force is subject to the approval of Nuclearelectrica's shareholders (it is 82.49% state-owned) and the approval of the Canadian government.

Candu units are pressurised heavy water reactors designed to operate for 30 years, with a further 30 years available subject to refurbishment. This includes the replacement of key reactor components such as steam generators, pressure tubes, calandria tubes and feeder tubes. It involves removing all the reactor's fuel and heavy water and isolating it from the rest of the power station before it is dismantled. Thousands of components, including those that are not accessible when the reactor is assembled, are inspected, and all 480 fuel channels and 960 feeder tubes are replaced during the high-precision rebuild.

Cernavoda is the only nuclear power plant in Romania and consists of two 650 MWe Candu reactors. Unit 1 went into commercial operation in 1996 and unit 2 in 2007. Most of the work on units 3 and 4 - like units 1 and 2, Candu-6 reactors - was done in the 1980s prior to the fall of the government of Nicolae Ceausescu in 1989. Work is now on-going to construct units 3 and 4, with scheduled commercial operation in 2030 and 2031.

The unit 1 refurbishment project began in 2017 and is currently in the second of three phases. This phase, due to last from February 2022 to 2026, covers providing the financial resources, negotiating and granting engineering, procurement and construction contracts, assessing, preparing and scheduling the activities to be carried out and obtaining all the authorisations and approvals necessary to start the project. The third phase, scheduled for 2027 to 2029, starts with the shutdown of unit 1 and includes all the work required on it and its recommissioning.

Cosmin Ghita, Nuclearelectrica CEO, said: "The goal for Cernavoda NPP unit 1 refurbishment is to ensure the operation of the unit for another life cycle in conditions of safety and economic efficiency ... carried out according to standards of excellence and the international experience gained from the refurbishment of the other Candu nuclear units worldwide. This is a key project which will extend unit 1’s operational life by 30 years to support Romania’s decarbonisation goals by avoiding an additional 5 million tonnes of CO2 emissions annually. We are keen to work with internationally renowned partners which have historically contributed to the current operational performance of Cernavoda units 1 and 2."

Candu Energy, the original supplier of the reactor technology for Cernavoda unit 1, and Ansaldo Nucleare will lead the engineering and procurement aspects of the Nuclear Steam Plant and Balance of Plant, respectively. KHNP said it would oversee the entire execution process including replacement of major components, and the construction of main infrastructure such as a radioactive waste storage facility. KHNP’s share of the project amounts to approximately EUR840 million. KHNP will work alongside key domestic partners, including KEPCO KPS, Doosan Enerbility, Hyundai E&C and Samsung C&T.

Joe St Julian, President, Nuclear, at AtkinsRealis, said: "The last seven Candu reactors built around the world, and the ongoing life extension of 10 Candu reactors in Ontario, have been conducted on time and on budget. As the only organisation that has taken a leading role in every Candu reactor life extension project to date globally, our unmatched track record of executing on schedule, cost, safety, and quality performance, along with the expertise of our top-tier, proven consortium partners, will deliver this project for Romania at and above their expectations."

Whang Joo-ho, President and CEO of KHNP, said: "This achievement reaffirms the global recognition of KHNP’s operation and maintenance expertise, cultivated over five decades. Through the successful completion of the Cernavoda unit 1 refurbishment project, we will further strengthen KHNP’s global presence."

Daniela Gentile, CEO of Ansaldo Nucleare, said the signing of the contract "reaffirms the enduring trust that Nuclearelectrica has consistently placed in us and our partners, endorsing our expertise. This achievement not only strengthens our partnership with Nuclearelectrica but also, following the signing of the EPCM contract for Cernavoda units 3 and 4 during COP29 in Baku, further consolidates Ansaldo Nucleare’s presence in Romania”.

Bobby Kwon, President and CEO of Canadian Commerical Corporation (CCC), said: "CCC appreciates the confidence that Romania has demonstrated to-date in Canadian nuclear technology and is pleased to facilitate this important project that will ensure Romanians continue to have access to emission-free energy and helps realise Romania’s potential as a regional hub for clean electricity in Eastern Europe."

Joint venture planned for commercialisation of Newcleo SMR

Thursday, 19 December 2024

France-based innovative reactor developer Newcleo is to create a joint venture with Italy's NextChem to develop a new generation commercial-scale power plant, based on Newcleo's LFR-AS-200 small modular lead-cooled fast reactor.

A cutaway of Newcleo's reactor design (Image: Newcleo)

According to an agreement signed with NextChem's parent company - Italian technology and engineering group Maire SpA - upon execution of binding agreements Newcleo will take a 40% stake in NextChem's newly incorporated company focused on creating new intellectual property and performing technical services.

The deal will result in NextChem being granted newly issued shares up to 5% of Newcleo's share capital at pre-money valuation, subject to the achievement of certain milestones - the first of which is Newcleo's entrance into the joint venture company, and the last being linked to the final investment decision by the first client.

The transaction is expected to be finalised by the end of February 2025.

Under the agreement, NextChem will contribute skills, management and engineering competences and tools to the joint venture, as well as a dedicated commercial platform for the deployment of LFR-AS-200 projects.

Newcleo will develop the nuclear reactor for its own LFR-AS-200 technology, while NextChem will leverage its own know-how to enable the joint venture company to deliver the extended basic design, procure the critical proprietary equipment relevant to the conventional island and balance of plant of the nuclear power plant, and provide project management/integration services to Newcleo.

"The conventional island and balance of plant are essential to convert nuclear energy into electrical power dispatchable to the grid or used to serve chemical districts according to NextChem's e-Factory format, thus contributing to the decarbonisation of the chemical industry by producing low-carbon chemicals and e-fuels," the partners said.

The joint venture company will also provide integration services to other small modular reactor (SMR) and advanced modular reactor vendors who are not competing with Newcleo. "This business model will serve the industrialisation of the energy transition for any customer potentially interested in implementing power plants based on Generation IV nuclear technologies," they said.

Tecnimont - another Maire subsidiary - will be granted a preferred partner status for the delivery of projects, thanks to its state-of-the-art modularisation approach to optimise construction and planning methodology, reducing time and costs.

"This collaboration is a clear representation of our ability to offer a complete range of services for energy transition combining our innovative vision on sustainable technology solutions with our traditional competences in integrated engineering solutions," said Maire CEO Alessandro Bernini. "Today we set a further milestone in our progressive path to implement carbon-neutral chemistry models based on safe, reliable and competitive energy supply."

Newcleo CEO Stefano Buono said: "This joint venture brings together the best of our respective expertise and skills to trailblaze the delivery of new nuclear technologies. Maire's sustainable technology value proposition provided through NextChem, strong track record in international EPC delivery, optimising process plant and implementing modularisation makes them the perfect partner for the modular design of our Advanced Lead-Cooled Fast Reactors. Their approach to a circular economy dovetails with our aim to close the nuclear fuel cycle and provide a sustainable solution to the issue of waste.

"This venture marks a new era for collaboration in the sector, which alongside other partnerships will be instrumental in realising the energy transition. We are glad to see major technology and engineering companies entering the nuclear business' fast race towards a decarbonised world."

According to Paris-headquartered Newcleo's delivery roadmap, the first non-nuclear pre-cursor prototype of its reactor is expected to be ready by 2026 in Italy, the first reactor operational in France by the end of 2031, while the final investment decision for the first commercial power plant is expected around 2029.

At the same time, Newcleo will directly invest in a mixed uranium/plutonium oxide (MOX) plant to fuel its reactors. In June 2022, Newcleo announced it had contracted France's Orano for feasibility studies on the establishment of a MOX production plant.

Oklo signs power agreement with data centre developer

Wednesday, 18 December 2024

In what is claimed to be "one of the largest corporate power agreements in history", US nuclear power plant developer Oklo has signed a non-binding Master Power Agreement with data centre designer, builder and operator Switch to deploy 12 GW of Oklo Aurora powerhouse projects by 2044.

(Image: Oklo and Switch)

The Master Agreement establishes a framework for collaboration, with California-based liquid metal fast reactor developer Oklo expected to develop, construct and operate Aurora powerhouses to provide power to Switch across the USA through a series of individual binding power purchase agreements. 

Since January 2016, all Switch data centres have been powered by 100% renewable energy, nearly 984 gigawatt-hours of power annually. The partners said this Master Agreement with Oklo supports Las Vegas-headquartered Switch's mission to "build efficient, sustainable infrastructure while bolstering the voluntary market for renewable and clean energy sources".

They added: "This Master Agreement highlights Oklo's business model of simplifying clean energy access by selling power, not power plants. It offers customers a direct, flexible pathway to clean, reliable, and affordable advanced nuclear energy."

Oklo's model is to build, own and operate its reactors - it will be selling power rather than power plants. The company, founded in 2013 and with OpenAI co-founder Sam Altman as chairman, says its deployment model can be tailored to individual needs and will help industries reduce reliance on existing grids.

The Aurora powerhouse is a fast neutron reactor that uses heat pipes to transport heat from the reactor core to a supercritical carbon dioxide power conversion system to generate electricity. It uses metallic fuel to produce up to 50 MWe as well as producing usable heat, and can operate on fuel made from fresh HALEU or used nuclear fuel. It says it aims to deploy its first commercial unit before the end of the decade.

"The relationship with Oklo underscores our commitment to deploying advanced nuclear power at a transformative scale for our data centres, further enhancing our offerings of one of the world's most advanced data centre infrastructures to current and future Switch clients," said Switch Founder and CEO Rob Roy. "By utilising Oklo's powerhouses, we aim to ensure that Switch remains the leader in data centre sustainability while supporting our vision of energy abundance."

"We are excited to collaborate with Switch on this historic agreement," said Jacob DeWitte, co-founder and CEO of Oklo. "Rob Roy and the Switch team share the vision we have for nuclear energy's role in powering artificial intelligence and providing the world with energy abundance. Oklo expects to benefit enormously from Switch's record of turning visions into reality.

"The lifespan of this Master Agreement will allow us to iterate and evolve with Switch, from development to deployment to scaling. We believe that working with Switch will not only accelerate our early powerhouses but also accelerate our ability to scale by demonstrating customer demand for decades to come."

There has been growing interest from operators of data centres in using nuclear energy, which they see as a way to meet their considerable projected energy requirements while also helping them to meet their climate commitments. The past few months have seen Microsoft, Google and Amazon all signing agreements to use nuclear energy in the years to come in the USA.

Last month, Oklo said it had a customer pipeline of 2100 MW for its Aurora powerhouse reactors, which it says will range from 15 MWe to 50 MWe and be scalable.

Reactor vessel installed at Xudabao 4

Wednesday, 18 December 2024

The reactor vessel has been installed in its design position at Xudabao 4, Rosatom has announced.

(Image: Rosatom)

In June 2018, Russia and China signed agreements, including for the construction of two VVER-1200 reactors at the new Xudabao (also known as Xudapu) nuclear power plant site in Liaoning province.

The two units - 3 and 4 - are scheduled for commissioning in 2027-2028.

Alexey Bannik, vice president of Rosatom's JSC Atomstroyexport for projects in China, said: "The Xudabao NPP construction project is a striking example of cooperation between Russia and China in the field of high technology. Our partnership spans more than a decade, and the power units created according to the Russian design have demonstrated many years of efficient and trouble-free operation. And our joint history continues."

Agreements signed in June 2019 are for Rosatom to supply nuclear fuel, design the nuclear island, supply key equipment, as well as provide field supervision, installation supervision, and commissioning services for the supplied equipment. Turbine generators and balance of plant are being supplied by China.

Construction of Xudabao unit 3 began in July 2021, with that of unit 4 starting in May 2022. In June this year, the dome was hoisted into place on the reactor building of unit 4 in a single stage process.

When completed, the two units are expected to generate more than 18 billion kWh of electricity per year, equivalent to saving about 6.4 million tonnes of coal and reducing carbon dioxide emissions by about 18.9 million tonnes per year.

Two CAP1000 reactors - the Chinese version of the Westinghouse AP1000 - are planned for units 1 and 2 of the Xudabao plant. Construction of unit 1 began in November 2023.

The Xudabao plant is owned by Liaoning Nuclear Power Company Limited, a joint venture between China National Nuclear Corporation (70%), Datang International Power Generation Company (20%) and State Development and Investment Corporation (10%).

US development agency announces grants for Bulgarian nuclear projects

Wednesday, 18 December 2024

The US Trade and Development Agency has signed two grant agreements to support Bulgaria's nuclear ambitions: one will support a cost-shared feasibility study with US company Deep Isolation to support the safe underground disposal of used fuel from Bulgaria's nuclear power plants, while the other will support a prefeasibility study for the deployment of small modular reactor technology.

The agreement for the USTDA grant to support the waste disposal study was signed by Ebong (seated, left) and Tzochev (Image: USTDA)

The US agency-funded study on underground disposal will be carried out by Deep Isolation to evaluate the feasibility of disposing used fuel from existing and future power plants a kilometre or more below ground, using Deep Isolation's patented deep borehole technology. The agreement was signed by US Trade and Development Agency (USTDA) Director Enoh Ebong and, on behalf of the Bulgarian government, by Sergey Tzochev, Head of the Board of Directors for State Enterprise Radioactive Waste (SERAW), who said: "Partnering with Deep Isolation represents a step toward our long-term vision of exploring innovative and sustainable approaches for the safe management of radioactive waste, based on the latest advancements in science and technology."

"Bulgaria is prioritising safety measures that will allow it to expand its nuclear power generation capacity," Ebong said. "Using cutting-edge US technology to create a safe long-term disposal option for spent fuel can also open the door to additional plants being built. USTDA's support for this project is a continuation of our longstanding engagement with the country's nuclear energy sector."

A separate grant agreement signed by USTDA with state-owned Bulgaria Energy Holding (BEH) is for a detailed technical analysis of US-sourced small modular reactor (SMR) design options to support Bulgaria's planned deployment of one or more SMR nuclear plants. It will also support an examination of potential plant sites and the development of a roadmap outlining a path to implementation, including an approach to securing financing.

"Our assistance will support Bulgaria’s goal of remaining a regional leader in electricity production while supporting international decarbonisation efforts," Ebong said.

"USTDA’s study will be crucial for the application of the new SMR energy technology in Bulgaria," Minister of Energy Vladimir Malinov said.

BEH is a state-owned holding company which owns the main electricity generation facilities in Bulgaria, including the existing Kozloduy nuclear power plant, as well as the country's electricity and gas transmission grids and transit networks. In 2021, it signed a memorandum of understanding with US engineering firm Fluor to look at the possibility of replacing coal boilers with NuScale SMRs. The country has committed to stop using coal for electricity generation by the late 2030s, with plans including two new Westinghouse AP1000 reactors to be built at the Kozloduy site.

The USTDA strategically facilitates export opportunities for US companies, funding project preparation and partnership-building activities that develop sustainable infrastructure and foster economic growth in partner countries.

World Nuclear News

Taykwa Tagamou Nation and Canada Nickel announce $20 million investment partnership

Canada Nickel | December 16, 2024 | PRESS RELEASE

Canada Nickel’s Crawford project due to start output in 2027. (Image courtesy of Canada Nickel.)

Highlights:

Largest ever known direct investment into a critical minerals mining project in Canada by a First Nation

Taykwa Tagamou Nation to hold 8.4% equity in Canada Nickel Company (upon conversion) and the right to nominate one individual to the Company’s Board of Directors

TORONTO, Dec. 16, 2024 /CNW/ – Taykwa Tagamou Nation (“TTN“) and Canada Nickel Company Inc. (“Canada Nickel” or the “Company“) (TSXV: CNC) (OTCQX: CNIKF) are proud to announce an investment reflecting a shared commitment to advancing Canada Nickel’s flagship Crawford Nickel Sulphide Project while fostering economic empowerment and long-term collaboration. TTN will invest $20 million at closing of its own capital in a Convertible Note that will be convertible into 16.67 million Canada Nickel common shares at a price of $1.20, representing an 8.4% interest in the Company (based on the Company’s current issued and outstanding share capital). The Convertible Note was signed on December 13, 2024. Completion of the transaction, which is expected to occur in January 2025, is subject to certain conditions including the approval of the TSX Venture Exchange and the receipt of all other required third party consents.

“This partnership exemplifies our vision of economic self-determination,” said Chief Bruce Archibald of TTN. “By utilizing our own capital to secure a significant stake in Canada Nickel, we’re ensuring we have a true seat at the decision-making table. This collaboration paves the way for future generations to thrive while maintaining our commitment to environmental stewardship and community well-being. We are proud to be setting a new standard for First Nation partnership in the mining sector. It demonstrates how mutual respect can drive meaningful change and lasting benefits for both proponents and impacted First Nations.”

TTN’s investment not only ensures direct financial benefits for its community members but also positions the First Nation as a key player in the global transition to clean energy, as nickel is a critical mineral for electric vehicle batteries and other sustainable technologies and the Company’s flagship Crawford Project is poised to be Canada’s largest nickel mine.

“This transaction demonstrates what is possible when industry and First Nations work together towards a common goal,” said Canada Nickel CEO, Mark Selby. “TTN’s leadership and vision have been instrumental in shaping this partnership. We are excited to welcome TTN as true partners in our journey to deliver critical minerals for the clean energy transition. As we advance our flagship Crawford Project towards a construction decision, we also plan to unlock the potential of the Timmins Nickel District together by completing eight resources by mid-2025, building a future that benefits both the environment and future generations.”

Canada Nickel and TTN share a deep mutual interest in environmental stewardship. With Canada Nickel’s In-Process Tailings carbonation, the Crawford Project is positioned to be a net-zero operation, and one of Canada’s largest permanent carbon storage facilities, storing up to 1.5M tonnes of C02 annually during its peak production period.

“TTN has always sought to lead with vision and action, and we’re proud that this partnership sets a new benchmark for how First Nations can engage with the mining sector,” said Deputy Chief Derek Archibald of TTN. “This agreement demonstrates what can be achieved when First Nations are creative with their own-source revenues, and respect, collaboration, and equity are at the forefront.”

Convertible Note
The $20 million secured Convertible Note (the “Note”) will have a five-year term from closing and carry a 4.75% coupon per annum paid quarterly prior to conversion. The Note provides TTN with the right to convert into 16.67 million common shares (at a conversion price of $1.20 per share), representing an 8.4% equity interest in the Company (based on Canada Nickel’s current issued and outstanding share capital of 181,418,982 common shares). TTN has agreed to provide a $1 million deposit on signing. TTN will also have a right to one seat on the Company’s Board of Directors for so long as it holds the Convertible Note or, after conversion, at least 5% of the Company’s shares.

Quotes
This landmark agreement between Taykwa Tagamou Nation and Canada Nickel will help ensure that local communities and First Nations can share in the benefit of mineral development in Ontario”, said George Pirie, Minister of Mines for Ontario. “As the global demand for minerals grows, Ontario is ready to be a responsible producer of these critical resources, bringing good jobs and economic development opportunities to communities in the north and across the province.”
– Hon. George Pirie, Minister of Mines

“I want to congratulate Taykwa Tagamou Nation and Canada Nickel for this historic partnership.” said Stephen Crawford, Associate Minister of Mines. “It is very exciting to see a First Nation taking an ownership stake in a critical minerals project that will be essential to the supply chains for electric vehicles and other clean technologies. When First Nations and mining companies in Ontario work together, economic growth and prosperity can be unlocked for entire regions of our province.”
– Hon. Stephen Crawford, Associate Minister of Mines

About Taykwa Tagamou Nation
Taykwa Tagamou Nation (TTN) is a progressive First Nation in Northern Ontario, committed to achieving economic self-determination while maintaining a strong focus on sustainability and community well-being. TTN is leading by example through innovative partnerships that ensure its members benefit directly from economic opportunities while safeguarding its cultural and environmental values for future generations.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high-growth electric vehicle and stainless-steel markets.

Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel Sulphide Project in the emerging Timmins Nickel District. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill and exploration results relating to the target properties described herein (the “Properties”), the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, corporate and technical objectives, and the completion of assays, follow-up geophysics and further drilling. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

BHP sees rising uncertainty for miners on trade as Trump returns

Bloomberg News | December 17, 2024 |

Mike Henry, chief executive officer of BHP Group. (Image by the World Economic Forum, Flickr.)

BHP Group, the world’s biggest miner, expects increasing uncertainty in the near term as US President-elect Donald Trump prepares to implement a slew of tariffs and other trade measures.


“In the near term, there is going to be a degree of uncertainty related to trade flows, tariffs, industrial policy,” BHP chief executive officer Mike Henry said in a Bloomberg TV interview. That is “something that we keep a very close eye on specifically in respect to the incoming administration.”

Trump tariffs could reshape global copper landscape

Mining companies across the globe have been spooked by Trump’s plans to slap tariffs on everything from cars to computer chips, and also a the possibility of further trade tensions with China, the single biggest buyer of nearly all metals.

However, Henry added that BHP expects the US to be strong supporter of the mining industry under Trump’s presidency.

“We know there is strong support for mining, strong understanding of the need for security of critical mineral supply chains,” he said. “Exactly how that plays out in practice and policy is yet to be determined.”

BHP earlier this year tried to buy Anglo American Plc in a $49 billion deal. Henry said good mergers are still few and far between, adding that his focus is BHP’s copper business from its own assets.

(By Thomas Biesheuvel and Francine Lacqua)

Nippon Steel, Sojitz to take 49% stake in Champion Iron’s project in Canada

Reuters | December 18, 2024 | 

The Kami open-pit iron ore mine is located to the south of Labrador City and Wabush in the province of Newfoundland and Labrador. Credit: Stantec

Australia’s Champion Iron said on Thursday Japanese steelmaker Nippon Steel and trading house Sojitz will buy a 49% stake in the company’s Kami project in Canada for A$245 million ($152 million).


Nippon and Sojitz will hold a 30% and 19% stake respectively in the iron ore project in Canada’s northeast, and share development and construction costs based on their share in the mine, Champion said in a statement.

Kami, which Champion acquired in 2021, is also expected to receive as much as A$490 million ($305 million) through future contributions from Nippon and Sojitz, it added.

Champion’s CEO David Cataford said the deal underlined Kami’s potential.

“The financial support and collaboration provided by the partners mark an important milestone,” Cataford said in the statement.

Nippon, Japan’s largest and the world’s No. 4 steelmaker, is looking to optimize its supply chain from Kami, the company’s managing executive officer Ryuichi Nagai said.

Nippon Steel, which currently has a global production capacity of 65 million tons a year, is looking to raise that to 100 million tons a year in the long term.


It is currently trying to secure US approval for its acquisition of US Steel, a key part of that strategy, and has also been looking to buy stakes in coking coal and iron ore mines to ensure a stable supply of essential raw materials.

Nippon will invest C$150 million ($104 million) for its stake in Kami, while incurring about C$1.16 billion in development costs by the project’s completion, the company said in a statement. The costs will be subject to investor approval of the project’s development and the results of a future feasibility study, it added.

Kami is an advanced-stage open-pit iron ore mining project and offers an opportunity to secure the supply of direct reduction iron ore, Nippon Steel said.

Direct reduced iron, along with high-quality scrap, are necessary for the production of high-grade steel from large electric arc furnaces, which Nippon Steel aims to build to reduce carbon emissions.

“Iron ore to be produced at Kami will be used for hot briquetted iron (HBI), not as conventional iron ore for blast furnaces… so this is an investment for future production,” Shingo Nakamura, a senior executive at Nippon Steel, told reporters in Tokyo.

The project feasibility study is expected be completed in mid-2026, and construction would take about four years once the final investment decision is agreed, the statement said.

Nippon Steel estimated costs for all partners in the Kami project at nearly C$4 billion.

Kami is in Newfoundland and Labrador, a few kilometres from Champion’s operating Bloom Lake mine in Quebec.

Champion filed a pre-feasibility study for Kami in March 2024.

($1 = 1.4439 Canadian dollars)

(By Nichiket Sunil and Yuka Obayashi; Editing by Alan Barona and Kate Mayberry)

Canada clears Paladin’s $789 million Fission Uranium takeover

Reuters | December 18, 2024 |

Fission Uranium’s Patterson Lake South project in Saskatchewan. (Credit: Fission Uranium.)

Australia’s Paladin Energy has received the final green light it needed from Canadian authorities to buy Fission Uranium in a C$1.14 billion ($789.1 million) deal that cements is position as a major global producer, it said on Thursday.


Paladin got the clearance under the Investment Canada Act on Wednesday and said the deal under which it would acquire Fission’s advanced PLS project in Saskatchewan was expected to be completed by early January 2025.

The clearance comes as prices for the nuclear fuel surge on expectations of a demand spike as the energy transition unfolds. Shares fell 1.8% amid weakness in the mining sector.

The Canadian government in October stepped in to review the proposed tie-up on national security grounds, raising concerns it may be derailed by the county that has become increasingly sensitive towards strategic resource firms being taken over by overseas buyers.

Paladin has agreed to several conditions Canada has attached to the merger including not to use any China-sourced finance for funding PLS, or to sell PLS’s uranium directly or indirectly to any China customers beyond China General Nuclear Power Group, which has an existing offtake agreement, it said.

Canada in July cracked down on big mining takeovers, saying it would only approve foreign buyouts of large Canadian firms involved in critical minerals production “in the most exceptional of circumstances.”

($1 = 1.4447 Canadian dollars)

(By Rishav Chatterjee, Divya Rajagopal and Melanie Burton; Editing by Alan Barona and Stephen Coates)

Canada to impose more tariffs on Chinese imports in new year

Reuters | December 17, 2024 |

Canadian Prime Minister Justin Trudeau. (Image by the European Parliament, Flickr).

Canada plans to impose tariffs on a slew of Chinese products from as early as next year, the government’s fiscal update showed, as part of its wider investigation into imports from the country.


Prime Minister Justin Trudeau’s government has already slapped a 100% tariff on all Chinese electric vehicles and a 25% tariff on imports of Chinese steel and aluminum products, with the finance ministry previously saying it was also exploring options to widen the duties.

The mid-year fiscal update presented on Monday showed that Ottawa has decided to apply tariffs to imports of certain solar products and critical minerals from China early in the new year, with levies on semiconductors, permanent magnets, and natural graphite following in 2026.

“These measures will prevent Chinese non-market trade practices from causing unfair and harmful market distortions in Canada and throughout the North American continent,” the update said.

Trudeau’s government has frequently criticized the Chinese government-funded policy of oversupply and over-capacity. He says Canada needs to protect local jobs from cheap Chinese products finding their way into the country.

The government has often used its stand against China as a lever to show US President-elect Donald Trump that Canada is aligned with its biggest trading partner in its stand against Beijing.

Trump has vowed to impose 25% tariffs on goods from Canada on his first day in office on Jan. 20 if it fails to stop the flow of drugs and illegal immigrants across its border with the US.

The fiscal update, also called the Fall Economic Statement, did not detail the extent of the duties to be imposed, nor on which specific products, but said further details on the measures would be announced soon.

(By Promit Mukherjee; Editing by Kirsten Donovan)

US graphite miners ask Washington to impose 920% tariff on Chinese rivals

Reuters | December 18, 2024 |

Graphite powder used in industry. Stock image.

North American graphite miners asked the US government on Wednesday to impose a tariff as high as 920% on Chinese suppliers of the battery metal in order to counter what they describe as Beijing’s “malicious trade practices.”


The move is the latest attempt by Western critical minerals suppliers to offset China’s widespread control of the world’s extraction and processing of the building blocks for electric vehicles and electronics.


Graphite, the largest component by volume in an EV battery, can be synthetically produced or processed from naturally occurring sources. China is the largest producer of both types and earlier this month tightened exports of the metal to the US.

The American Active Anode Material Producers, a group of US and Canadian graphite producers, asked the US Department of Commerce and the US International Trade Commission (ITC) to “investigate whether China is exporting natural and synthetic graphite … at unfair prices to the United States” and to impose the tariff rate.

Chinese rivals operate at labor and environmental standards that allow them to rapidly boost production, the group said.

An existing US tariff of 25% on most Chinese graphite is “far too low” and can be absorbed easily by Chinese rivals, the group wrote to US officials.

The Commerce Department and the ITC did not immediately respond to an inquiry seeking comment.

President-elect Donald Trump has threatened to impose tariffs on Chinese products broadly. Trump’s advisers have also encouraged him to impose tariffs on all foreign critical minerals, including those tied to Beijing.

Not all US critical minerals companies support tariffs. Jervois Global, which had to close the only US cobalt mine before it even opened due to Chinese competition, told Reuters last week it would prefer manufacturers be required to buy Western metals instead of blanket tariffs.

(By Ernest Scheyder; Editing by Diane Craft)

Australian graphite firms petition US on alleged China dumping

Reuters | December 18, 2024 | 

Credit: Novonix

Australia’s Novonix Ltd said on Thursday it had joined a petition urging US authorities to investigate China’s alleged dumping of battery-grade graphite at unfair prices, potentially harming domestic producers.


The battery metals and technology company has joined the American Active Anode Material Producers (AAAMP) in filing the petition.

“The filing asserts China is harming the nascent domestic graphite industry by exporting artificially cheap battery-grade graphite into the US, denying North American producers a fair opportunity to enter the market,” Novonix said in a statement.

North American graphite miners asked the US government on Wednesday to impose a tariff as high as 920% on Chinese suppliers of the battery metal to counter what they describe as Beijing’s “malicious trade practices.”

In a separate statement, Australia’s Syrah Resources said its unit, Syrah Technologies LLC, filed an anti-dumping and countervailing duty petition with the US Department of Commerce and the International Trade Commission.

Syrah’s petition, submitted in collaboration with the North American Graphite Alliance, seeks an investigation into Chinese exports of natural and synthetic graphite active anode material used in lithium-ion batteries.

(By Roshan Thomas and Melanie Burton; Editing by Shreya Biswas)

China’s coal output hits record, fueling oversupply concerns

Bloomberg News | December 16, 2024 | 

A coal mine near Hailar, Inner Mongolia. (Image by Herry Lawford, Flickr).

China’s coal production hit an all-time high last month, adding to concerns of an oversupply of the nation’s mainstay fuel.


China mined 428 million tons of raw coal above ground in November, up 1.8% from a year earlier, according to data released by the National Bureau of Statistics on Monday. Its domestic output output is poised to rise for the eighth straight year in 2024.




The record-breaking month comes on the back of Beijing’s energy-security push. The government reopened shuttered mines and accelerated approvals to new mines after Russia’s invasion of Ukraine in 2022 boosted the cost of fuel imports.

The surge in domestic supply is colliding with weak coal demand as China’s economic recovery falters. Coal prices in the Asian country fell to the lowest level in over a year on Monday, while the nation’s power generation growth slowed last month.

Barrick Gold seeks arbitration over Mali mines dispute

Staff Writer | December 18, 2024 |

The Loulo-Gounkoto complex in Mali. Credit: Barrick Gold

Barrick Gold (NYSE:GOLD; TSX:ABX) announced on Wednesday that it had submitted a request for arbitration to the International Centre for the Settlement of Investment Disputes (ICSID) to resolve disagreements with Mali.


On Monday, the world’s second-largest gold miner had said it would suspend operations in Mali if gold shipments remain blocked and disputes over a new mining code persist.

The Canadian mining giant has been locked in a months-long dispute with the Malian government over dividing economic benefits from the Loulo-Gounkoto complex, which produced nearly 700,000 ounces of gold last year.

In a statement on Wednesday, Barrick said the request for arbitration reflects its commitment to “adhering to established processes for resolving disputes in a fair and transparent manner.”

“Over its nearly three decades of operating in Mali, Barrick has consistently demonstrated its long-term commitment to the country and its people. While this process is ongoing, Barrick remains open to continued dialogue with the government to resolve these issues amicably and ensure the long-term success of the Loulo-Gounkoto complex,” said Mark Bristow, Barrick’s CEO.
Staff arrests and warrant for Bristow

Mali, Africa’s second-largest gold producer, has been under military rule since 2021, following the country’s third coup in less than ten years. The junta has prioritized restructuring the mining industry, rolling out a new mining code and conducting audits of operations. These changes have led to tense negotiations with foreign operators like Barrick, particularly over tax disputes and the terms of new agreements.

Arrests of staff from Australia’s Resolute Mining (ASX: RSG) and Barrick by military authorities have gathered pace since September. The situation escalated further last week when Malian authorities issued an arrest warrant for Barrick CEO Mark Bristow, citing tax disputes.

Barrick’s Loulo-Gounkoto complex, developed during Bristow’s tenure as CEO of Randgold before its acquisition by Barrick in 2018, is a cornerstone of Mali’s economy. Over the past 29 years, the company has invested more than $10 billion in the country, contributing between 5% and 10% of Mali’s GDP annually. Last year alone, Barrick injected over $1 billion into the local economy.

The mine complex is also one of Mali’s largest taxpayers and employers, with 97% of its 8,000-strong workforce being Malian nationals. According to Barrick, more than 70% of the economic benefits from the complex have gone directly to the Malian state.

Barrick shares fell as much as 1.4% as of 9:39 a.m. in New York. The company has a market capitalization of $28.25 billion.

Volkswagen buys 9.9% of Patriot Battery Metals for $48 million

Cecilia Jamasmie | December 18, 2024 | 

Lithium sample from Shaakichiuwaanaan project in Quebec, Canada. (Image courtesy of Patriot Battery Metals.)

German automaker Volkswagen (ETR: VOW3) announced on Wednesday its acquisition of a 9.9% stake in Canadian lithium company Patriot Battery Metals (TSX: PMET) (ASX: PMT) for $48 million.


This marks the first time Volkswagen and its battery subsidiary, PowerCo, have directly invested in the lithium supply chain, as the company aims to secure raw material supplies from North America.

The agreement includes a binding commitment for Volkswagen to receive 100,000 tonnes of spodumene concentrate annually for 10 years, starting when Patriot’s Shaakichiuwaanaan lithium project in Quebec begins production.

The Vancouver-based company also signed a memorandum of understanding with PowerCo to explore joint development opportunities for the Quebec project, previously known as Corvette.

The Shaakichiuwaanaan project, currently under development, will supply VW’s battery company PowerCo in Europe and North America

Spodumene concentrate, a lithium-rich mineral, serves as a raw material for lithium-ion batteries. PowerCo plans to utilize this supply for producing battery cells in Europe and North America. Additionally, the lithium will be used in PowerCo’s cell factory currently under construction in St. Thomas, Canada, which is projected to achieve an annual production capacity of 90 GWh at full scale.

“This investment represents a milestone in our journey toward a fully electric future,” said Thomas Schmall, Volkswagen Group board member for Technology, in a statement. “By collaborating with Patriot Battery Metals, we are not only securing key raw materials for cutting-edge, sustainable battery technology but also reinforcing our commitment to North America.”

Ken Brinsden, Patriot’s president, chief executive and managing director, described Volkswagen’s investment as a “pivotal milestone” for the company. “We are bringing in a long-term strategic partner who is already a major player in the European and North American battery supply chain,” Brinsden said in a separate statement.
Largest resource in the Americas

Patriot Battery Metals is targeting an initial production capacity of 400,000 tonnes of spodumene concentrate annually. According to a preliminary economic assessment (PEA) published in August, the company plans to develop its flagship Quebec project in phases, employing both open-pit and underground mining methods.

This phased approach aims to prioritize access to high-grade zones while minimizing the project’s environmental footprint.

The Shaakichiuwaanaan project is the largest known lithium pegmatite mineral resource in the Americas. Its vast spodumene crystals enhance processing efficiency and recovery rates, according to Patriot.

The company expects to make a final investment decision by 2027, paving the way for construction through 2028 and initial production in early 2029.

 

Navantia Set to Bail Out Harland & Wolff in Deal with UK Government

Reports indicate Navantia will acquire the shipyards in a deal with the UK government (H&W)

Published Dec 18, 2024 1:12 PM by The Maritime Executive

 

 

The famed UK shipbuilder Harland & Wolff is set to be saved for a second time from bankruptcy as reports indicate Spain’s Navantia and the UK Government have reached terms on a bailout for the shipbuilder’s parent group. Reports from the British media including The Financial Times and Sky News said the announcement could come as early as tomorrow, Thursday, December 19, and would certainly happen within the week.

The reports indicate that the Spanish shipbuilding group which had partnered with Harland & Wolff to win a lucrative UK government contract will now acquire the parent group which consists of four UK shipyards. Navantia is set to pay £70 million ($89 million) and provide job guarantees for the approximately 1,000 employees at the four shipyards.

Navantia is reported to have in turn won critical concessions from the UK government on the contract to build three Fleet Solid Support ships for the Royal Fleet Auxiliary (RFA). Navantia and Harland & Wolff partnered along with UK design firm BMT and in 2022 were named the preferred bidder for the contract, which when finalized in 2023, was valued at £1.6 billion. Known as Team Resolute, they promised to invest around £100 million into UK shipyards, including £77 million of infrastructure at Harland & Wolff’s Belfast and Appledore shipyards, and a further £21 million in skills and technology transfer from Navantia UK.

The vessels were reported to be the first new constructions planned from the H&W shipyards since 2002. Navantia was set to build the vessels with final assembly for all three of the 216-meter (708-foot) long ships to be completed at Harland & Wolff’s Belfast yard and components from the Appledore yard.

The Belfast yard delivered barges built for the Thames and investments were being made in the infrastructure and training at the yard when the company ran into financial difficulties in 2024. The parent group sought UK government loan guarantees to refinance, but that deal was rejected shortly after the government of Prime Minister Keir Starmer came to office last summer. The parent company, Harland & Wolff Group, was seeking to refinance approximately $200 million in loans from U.S. private investment group Riverstone.

The parent group went into financial administration in September with Rothschilds seeking interest from potential acquirers for the assets. Navantia stepped in to save the UK contract by financing the shipyards which continued to operate while negotiating terms of the bailout with the UK government. The individual shipyards were not part of the bankruptcy proceedings.

It will be the second time that Harland & Wolff is saved from administration. In 2019, a London-based energy company Infrastrata acquired the Belfast shipyard for £6 million and later transformed into the Harland & Wolff Group. It acquired the dormant Appledore shipyard and two small facilities, Arnish and Methil, which were being used as fabricators. Speculation centered on the sale of the Belfast and Appledore yards but according to the reports Navantia will take over all four and guarantee the jobs for a period of time.

The Belfast shipyard dates to 1861 and was a builder of many famous ships including the ocean liner Titanic and her sisters and many passenger ships through the P&O Canberra in 1960. Recently, it has been operating as a repair yard.
 

 

NYK to Buy Carbon Credits From Direct Air Capture Plant

1PointFive's first DAC plant in Texas (NYK / 1PointFive)

Published Dec 18, 2024 3:23 PM by The Maritime Executive

 

 

Japanese shipowner NYK has reached a deal with Eneos to buy conventional bunker fuel with attached carbon credits, or offsets. This will reduce NYK's net emissions in years to come. 

Under the agreement, Eneos will purchase carbon credits from 1PointFive, an initiative of Occidental Petroleum and BlackRock. Each credit represents an equivalent amount of carbon that 1PointFive removes from the atmosphere using direct air capture (DAC) technology and stores underground. Eneos will then sell the bunker fuel and the attached carbon credits to NYK.  

1PointFive is building its first direct air capture plant in Ector County, Texas. It is designed to recover up to 500,000 tonnes of CO2 from the atmosphere every year, and the company says that future plant designs will be able to capture twice as much. The captured gas will be pumped into stable, secure underground geologic formations for long-term storage. Prominent clients include Airbus, Shopify and airline ANA, and the startup expects lots of demand in the decades to come. 

The company's first DAC plant will begin operating in 2025, and the Eneos fuel delivery contract begins in 2028. 

The carbon credits from Eneos are part of NYK's plan to address the last hard-to-abate elements of its carbon footprint. It will focus first on maximum energy efficiency, then on transitioning to new green fuels like ammonia and methanol (and LNG). For the remaining emissions that cannot be eliminated, NYK will buy carbon offsets to achieve net-zero. 

It is the two companies' second major agreement this year. In July, NYK absorbed about 80 percent of Eneos' in-house shipping fleet, including 18 LPG carriers, 19 chemical and product tankers, 12 dry bulk carriers and a ship management company in Singapore. Eneos retained its crude oil tankers.