Thursday, January 09, 2025

 World Nuclear News



South Korea and USA sign nuclear export MoU


Thursday, 9 January 2025

The signing of the agreement covering exports of nuclear technology was signed by the US and South Korea on the same day that the leaders of South Korea and the Czech Republic reaffirmed their commitment to projects including the expansion of the Dukovany nuclear power plant.

South Korea and USA sign nuclear export MoU
The signing ceremony (Image: Secretary Jennifer Granholm/X)

The Memorandum of Understanding on Principles Concerning Nuclear Exports and Cooperation finalises a provisional understanding reached in November. It was signed in the presence of South Korea's Industry Minister Ahn Duk-geun and US Secretary of Energy Jennifer Granholm, who said on X: "Today, the United States and Republic of Korea reaffirmed our shared commitment to advancing peaceful nuclear energy. Together, we’re enhancing energy security, tackling the climate crisis, and ensuring a safer world."

The two countries have worked together on civil nuclear power for more than 70 years, the respective ministries said in a joint statement. "The cornerstone of this cooperation reflects the two countries’ mutual dedication to maximising the peaceful uses of nuclear energy under the highest international standards of nuclear safety, security, safeguards, and non-proliferation.

"This MoU continues to build upon this long-standing partnership and provides a framework for the parties to cooperate in expanding civil nuclear power in third countries while strengthening their respective administration of export controls on civil nuclear technology. It will also provide a pathway to help both countries keep up with the emergence of new technologies in this sector."

Clearing the export path?
 

The agreement is seen as significant for South Korean nuclear exports to other countries. In August 2024, Korea Hydro and Nuclear Power was selected by the Czech government as its preferred bidder to build up to four new nuclear power units in the country.  South Korea's APR1000 nuclear power plant is based on original technology from Westinghouse, a US company, so exports of the Korean reactors must also go through US export consent or notification procedures.

There has been an on-going dispute between Westinghouse and KHNP over the issue of intellectual property rights, which is the subject of international arbitration, a process which Westinghouse says is not expected to conclude before the second half of 2025.

Korean industry-academia cooperation to expand nuclear exports

Wednesday, 8 January 2025

South Korean engineering firm Doosan Enerbility has signed a binding agreement with the International Nuclear Non-proliferation and Cooperation Centre under South Korea's KEPCO International Nuclear Graduate School to cooperate on the expansion of nuclear exports.

Korean industry-academia cooperation to expand nuclear exports
The signing of the agreement (Image: Doosan Enerbility)

The agreement was signed on 26 December during a ceremony attended by representatives from both parties, including Joo-ho Whang, President of the Educational Foundation at KEPCO International Nuclear Graduate School (KINGS); Chang-lak Kim, Acting President of KINGS; Yong-soo Hwang, Head of the International Nuclear Non-proliferation and Cooperation Centre (INC) and Jongdoo Kim, CEO of Doosan Enerbility's Nuclear Business Group.

With the signing of the agreement, Doosan Enerbility and INC agreed to cooperate on reinforcing the global nuclear non-proliferation efforts and pursuing the expansion of nuclear exports. To this end, cooperation will be pursued on developing export policies and cultivating a supportive environment, such as bolstering nuclear partnerships with the USA in the area of nuclear security and strengthening the domestic supply chain.

In addition, in response to the surging electricity demand arising from AI data centres, cooperation will also be pursued in the areas of small modular reactor (SMR) technology development and supply chain establishment. Joint efforts will also be made in building a nuclear non-proliferation culture that promotes peaceful applications of nuclear energy.

"The agreement focuses on creating a favourable export environment based on non-proliferation efforts and developing an export strategy through South Korea-US cooperation," Doosan Enerbility said. "This investment initiative exemplifies our commitment to sustain the nuclear industry by closely collaborating with the academic community."

The International Nuclear Non-proliferation and Cooperation Centre was established by KEPCO International Nuclear Graduate School in July 2024. It is currently engaged in various cooperation initiatives with the US National Nuclear Security Administration and Sandia National Laboratories. INC's focus is on devising strategies for the overall nuclear exports process, with its coverage ranging from large nuclear power plants and SMRs to nuclear decommissioning and used nuclear fuel management. It is currently working on building strategic partnerships with numerous institutions at home and abroad to establish a wide-ranging cooperative framework.

"This agreement will play a significant role in contributing to the international community's nuclear non-proliferation efforts and enhancing the competitiveness of our nuclear exports," Doosan Enerbility's Jongdoo Kim said. "We plan to continuously work in collaboration with the INC and will seek to further solidify the position held by Korea's nuclear industry in the global nuclear energy market."

In July 2022, the South Korean government laid out a new energy policy which aims to maintain nuclear's share of the country's energy mix at a minimum of 30% by 2030. It also set the goal of exporting 10 nuclear power plants by 2030, as well as the development of a Korean SMR design.

The following month, the Ministry of Trade, Industry and Energy signed a memorandum of understanding with Korea Hydro & Nuclear Power, Doosan Enerbility and nuclear energy equipment and materials manufacturers with the aim of revitalising the country's nuclear industry. The MoU aims to improve the competitiveness of the nuclear industry ecosystem through shared growth, working together to contribute to carbon neutrality, responding to the energy crisis and stabilisation of power supply. Based on this, the industry plans to closely cooperate to create new jobs, develop joint technologies, exchange manpower and expand exports.

The new MoU could pave the way for US governmental consent for the Czech nuclear power plant deal, with negotiations with Westinghouse becoming much more straightforward. "This has become an opportunity to strengthen export control cooperation by establishing an information sharing system for transferring civilian nuclear power technology to third countries," a Korean Trade Ministry official told the Korea JoongAng Daily. "As a 'global comprehensive strategic alliance', we expect it to promote mutually beneficial cooperation between the two countries in the global market in the future."

Citing South Korea's Ministry of Economy and Finance, Korea.net reported that the country's acting president, Choi Sang Mok, told Czech Prime Minister Petr Filala on 8 January that the country intends to "smoothly proceed with major cooperation projects between our two sides like the construction of a nuclear power plant in Dukovany and diplomatic affairs like high-level exchanges".


USA to end restrictions on India's nuclear entities

Wednesday, 8 January 2025

The USA is finalising the necessary steps to remove long-standing regulations that have prevented civil nuclear cooperation between India's leading nuclear entities and US companies, National Security Advisor Jake Sullivan has said.

USA to end restrictions on India's nuclear entities
(Image: IIT Delhi)

India and the USA signed a civil nuclear cooperation agreement (also known as a 123 Agreement) in 2008, after India - which is not a signatory of the international Nuclear Non-proliferation Treaty (NPT) - reached a safeguards agreement with the International Atomic Energy Agency. Kovvada, in Andhra Pradesh, was earmarked for the construction of six AP1000 pressurised water reactors as long ago as 2016, but contractual arrangements have yet to be finalised.

"Although former President Bush and former Prime Minister Singh laid out a vision of civil nuclear cooperation 20 years ago, we have yet to fully realise it," Sullivan said during a speech at the Indian Institute of Technology Delhi. "But as we work to build clean energy technologies, to enable growth in artificial intelligence, and to help US and Indian energy companies unlock their innovation potential, the Biden administration determined it was time to take the next major step in cementing this partnership."

He said the US government was now taking steps to end restrictions on Indian nuclear entities.

"This is a statement of confidence in the progress we have made - and will continue to make - as strategic partners, and as countries who share a commitment to peaceful nuclear cooperation," Sullivan said. "And it is the result of India's open and transparent engagement with our Administration over the course of the past four years, which has enabled this new chapter to move forward."

Sullivan was speaking at an event jointly organised by the I-Hub Foundation for Cobotics and the Technology Innovation Hub of the Indian Institute of Technology on 6 January. During his two-day trip to India, he also met with Prime Minister Narendra Modi and India's National Security Adviser Ajit Doval.

The USA had placed restrictions on more than 200 Indian entities after India tested nuclear weapons in 1998, but many have been taken off the list over the years as bilateral ties evolved, an Indian official told Reuters, requesting anonymity. It reported that the US Department of Commerce's list currently includes at least four entities of India's Department of Atomic Energy, and some Indian nuclear reactors and nuclear power plants.

India's nuclear liability regime has been a stumbling block for overseas nuclear power plant vendors. India in 2010 passed legislation making nuclear plant operators - and not vendors - primarily liable for any damage caused in the event of an accident up to a certain limit, but an operator could still have legal recourse to the supplier with no upper limit set on supplier liability.

The Nuclear Suppliers Group (NSG) is a group of nuclear supplier countries that contributes to the non-proliferation of nuclear weapons by controlling the export of materials, equipment and technology that could potentially be used in their manufacture. All of its members, unlike India, are signatories of the international Nuclear Non-proliferation Treaty (NPT). Measures including a comprehensive specific safeguards agreement with the International Atomic Energy Agency, an exception under NSG rules and a round of bilateral nuclear cooperation deals have enabled India to play an increasing part in the international nuclear marketplace.

India applied to join the NSG in May 2016, and the USA has previously pledged to work towards its entry into the group

Site identified for proposed Halden SMR power plant

Monday, 6 January 2025

Norway's Halden Kjernekraft AS has entered into a letter of intent with the owner of a plot of land in Halden identified as a possible location for the construction of a nuclear power plant based on small modular reactors.

Site identified for proposed Halden SMR power plant
A rendering of the proposed plant for Halden (Image: Halden Kjernekraft)

Halden Kjernekraft - 20% owned by Halden municipality with Norsk Kjernekraft and Østfold Energi owning 40% each - was set up in November 2023 to investigate the construction of a nuclear power plant using small modular reactors (SMRs).

The initiative to investigate the deployment of SMRs at Halden, in southeast Norway, came from the municipality itself, which has more than 60 years of experience of hosting the Institute for Energy Technology's nuclear fuel and materials testing reactor. It was declared permanently shut down by the institute in June 2018.

The power plant proposed for Halden may consist of up to four SMRs with a total installed capacity of 1200 MWe and an annual production of 10 TWh.

"In choosing the location, emphasis has been placed on, among other things, stable ground conditions with large flat areas, as well as access to cooling water and a power grid," Norsk Kjernekraft said. "The area is sparsely populated and has good road connections."

The land identified as the potential location for the plant is owned by Store Bjørnstad AS and the agreement covers an area of ​​up to 600 acres (243 hectares).

The next phase of the project will involve detailed studies of all aspects of the proposed location. This includes, among other things, safety, nature conservation, environmental impacts, ecosystem services, emergency preparedness, ground conditions, landscape, infrastructure, grid connection, traffic and outdoor recreation considerations.

"The location, which is located on the south side of the outlet of the Haldenvassdraget to Femsjøen, stands out as a good fit," said Håvard Kristiansen, CEO of Halden Kjernekraft. "We have considered many alternative locations before we decided to investigate this location further. Now we will work closely with the local population to explain what the ongoing investigations include, and what a nuclear power plant could potentially entail. We will investigate the area thoroughly to see if we can move forward."

In addition, space is being set aside for the same type of radioactive waste storage facility as in Finland and Sweden, which can handle the waste from future nuclear power plants in Norway as well as the existing waste from the decommissioned research reactors at Kjeller and in Halden.

"This is an important milestone for the development of nuclear power in Norway," said Norsk Kjernekraft CEO Jonny Hesthammer. "Not only are we launching a location for a nuclear power plant that can ensure security of supply in Eastern Norway, we have also identified a place where we can manage the waste."

Last month, US-based engineering company Amentum and Norwegian consulting firm Multiconsult Norge AS were appointed by Halden Kjernekraft to evaluate the potential for constructing an SMR at Halden. The two companies will carry out an assessment of potential suppliers of equipment and services within Norway and from abroad, as well as reporting on technical standards, environmental impact and other key aspects of any construction programme.

At the time of the launch of Halden Kjernekraft, the partners noted there was currently a power deficit in the Oslo, Akershus and Østfold region of 16 TWh. In addition, Norwegian grid operator Statnett has warned that there is no available capacity for new, larger consumption without new production and increased network capacity into eastern Norway. This is not expected until 2035 under current plans and has major consequences for Østfold.

"The location midway between Oslo and Gothenburg makes Halden a very attractive area for data centres that supply users of artificial intelligence, because such data centres must be located close to the users," Hesthammer said. "A ripple effect analysis from Menon Economics has shown that such a data centre could create several hundred jobs in Halden, in addition to the jobs at the power plant itself." 

Norsk Kjernekraft aims to build, own and operate SMR power plants in Norway in collaboration with power-intensive industry. It says it will prepare licence applications in accordance with national regulations and international standards. It will follow the International Atomic Energy Agency's approach for milestones, and focus on what creates value in the early phase. Financing will take place in collaboration with capital-strong industry and solid financial players.

The company said it plans to soon submit the project to Norway's Ministry of Energy, together with a proposal for an assessment programme.

Halden is the fourth possible location for a nuclear power plant that Norsk Kjernekraft has announced. In August last year, it submitted a proposal to the Ministry of Energy for an assessment of the construction of a power plant based on multiple SMRs in the municipality of Øygarden, west of Bergen. That proposal followed proposals submitted for SMR power plants in Aure and Heim municipalities, as well as Vardø municipality.

Dutch consortium to develop molten salt reactors

Thursday, 9 January 2025

Dutch technology companies Demcon, Thorizon and VDL Group have signed a project agreement to demonstrate and validate the manufacturability, safety, and functionality of critical components and non-nuclear (sub)systems of these reactors.

Dutch consortium to develop molten salt reactors
How the Thorizon One plant could look (Image: Thorizon)

The partnership between Demcon, Thorizon and VDL Group was formalised in October last year during a visit by Climate and Green Growth Minister Sophie Hermans to the Dutch Institute for Fundamental Energy Research (DIFFER), a leading research institute in Eindhoven. During the visit, the consortium partners, along with DIFFER, signed a letter of intent to accelerate small modular reactor (SMR) technology development in the Netherlands.

A project agreement between the partners was signed in December.

The companies aim to establish an advanced testing facility where molten salt reactor technologies can be developed and tested.

In early December, the consortium reached a major milestone by submitting a grant application to the Province of Noord-Brabant. Thorizon said this application underlines the commitment of the involved parties to foster innovation and sustainable development in the region.

In 2021, Noord-Brabant launched the innovation coalition 'Nuclear Energy for the Future' with the goal of leveraging the manufacturing industry and research institutes in the province to accelerate the development of molten salt reactors (MSRs).

"Participating in this project will not only provide companies with valuable experience but also help them attain the qualifications needed to become part of the supply chain for SMRs and large-scale reactors planned in the Netherlands," Thorizon said. "This strengthens the competitiveness of the Dutch manufacturing sector, creates new jobs, and fosters innovation. The project aims to deliver several component prototypes and a test facility in Noord-Brabant within two and a half years."

"For Thorizon, this is a unique opportunity," said Thorizon CEO Kiki Lauwers. "Companies like VDL and Demcon have unparalleled experience in realising high-tech projects, from concept to prototype and serial production. During our collaboration with DIFFER, we have seen that Brabant offers world-class knowledge and facilities and can act quickly. With these partners, we share an ambitious and pragmatic mindset that is crucial for our development and successful collaboration."

Thorizon - a spin-off from NRG, which operates the High Flux Reactor in Petten - is developing a 250 MWt/100 MWe MSR, targeted at large industrial customers and utilities. The company plans to begin constructing its first reactor, Thorizon One, around 2030. Thorizon collaborates with industry leaders such as Orano, Tractebel and EDF, and its project has been selected by the European Commission and the French government under the France 2030 investment plan.

MSRs use molten fluoride salts as primary coolant, at low pressure. They may operate with epithermal or fast neutron spectrums, and with a variety of fuels. Much of the interest today in reviving the MSR concept relates to using thorium (to breed fissile uranium-233), where an initial source of fissile material such as plutonium-239 needs to be provided.

The DIFFER research institute conducts leading-edge research on fusion energy and chemical energy and supports the development of MSRs through its unique DICE (DIFFER Irradiation-Corrosion Experiment) research facility, where the interaction between corrosion, heat, and radiation is studied to optimise material choices.

Deep Fission and Endeavour announce strategic partnership


Wednesday, 8 January 2025

California-based nuclear startup company Deep Fission, which is proposing to place microreactors deep underground, and Endeavour Energy LLC have committed to co-develop 2 GW of nuclear energy to power Endeavour's expanding portfolio of data centres. The first reactors are expected to be operational in 2029.

Deep Fission and Endeavour announce strategic partnership
(Image: Endeavour)

Deep Fission aims to locate 15 MWe pressurised water reactors (PWRs) about one mile (1.6 km) underground in a 30-inch borehole. The reactor operates at the same pressure (160 atmospheres) as a standard PWR, and at the same core temperatures (about 315°C). As with a standard PWR, the heat is transferred to a steam generator at depth to boil water, and the non-radioactive steam rises rapidly to the surface where a standard steam turbine converts the energy to its electricity.

The company says its concept eliminates the need for large pressure vessels and containment structures, significantly reducing costs while enhancing safety, sustainability, and operational efficiency. It says this can be done using conventional low-enriched uranium fuel and an existing supply chain.

Deep Fission is currently in pre-application engagement with the US Nuclear Regulatory Commission (NRC). The NRC has reviewed the conceptual design white paper. Deep Fission expects to submit site-specific applications in 2026. The first US reactors are expected to begin operation in 2029. Endeavour and Deep Fission are also engaged with other nuclear regulatory agencies and may begin international operations before 2029.

Deep Fission said its collaboration with Endeavour "represents a major leap forward in deploying next-generation nuclear power to meet the growing demands of energy-intensive industries".

"There is significant momentum for nuclear power right now, but the cost is still a challenge," said Elizabeth Muller, co-founder and CEO of Deep Fission. "Our technology not only ensures the highest levels of safety but also positions us to deliver zero-carbon continuous power at a cost of just 5-7 cents per kWh. The partnership between Deep Fission and Endeavour is a game-changer for data centre customers around the world."

Endeavour Energy is a sustainable infrastructure company, specialising in data centre development, waterless cooling, microgrids, and renewable energy technologies. Its Edged data centre platform is a gigawatt-scale global network of ultra-efficient, waterless data centres.

"We are constantly searching for technologies capable of supporting the unprecedented demands of AI and meeting green energy goals, but they have to be economically viable," said Jakob Carnemark, founder of Endeavour and Edged data centres. "Deep Fission's solution slashes the high costs and long timelines of surface-built nuclear projects, enhances safety, and delivers clean, reliable energy with high power density of more than 100 MW in a quarter acre. We're excited to play a pivotal role in advancing this transformative approach."

Deep Fission was founded in 2023 by father-daughter team Elizabeth and Richard Muller, who also co-founded Deep Isolation in 2016 to develop the concept of placing canisters of radioactive waste hundreds of metres underground via a borehole.

The agreement between Deep Fission and Endeavour follows several announcements by global tech giants related to nuclear energy.

Microsoft announced in September it had signed a 20-year power purchase agreement with Constellation that will see Three Mile Island unit 1 restarted. Google announced in October it had agreed to purchase energy from Kairos Power under a deal that would support the first commercial deployment of its fluoride salt-cooled high-temperature advanced small modular reactors by 2030 and aim for a fleet totalling 500 MW of capacity by 2035. Amazon also announced a series of agreements that will see it taking a stake in advanced nuclear reactor developer X-energy and rolling out its Xe-100 advanced SMR initially at a project in Washington State. In December, US nuclear power plant developer Oklo 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

Brazil to get nuclear physical security training centre

Thursday, 9 January 2025

A proposed centre providing training for specialists in physical protection systems for nuclear and radioactive installations and in transport operations has been selected for funding by Brazil's Funding Agency for Studies and Projects.

Brazil to get nuclear physical security training centre
How the new training centre might look (Image: CNEN)

The Nuclear Physical Security Training Centre will be housed at the Institute of Nuclear Engineering (Portuguese: Instituto de Engenharia Nuclear (IEN/CNEN)) and will be a facility, with partnerships across the country, region and with global agencies. The target is to have the centre fully operational within three years.

Cristóvão Araripe Marinho, director of the institute, said: "The project foresees the installation of the most modern equipment and physical security systems, enabling practical classes to be taught, which constitutes an important differentiator."

João Régis dos Santos, head of the Radiological Safety and Protection Division, said the courses would be taught by specialists trained at international physical protection training centres, such as those in the USA, Austria and Russia, and would seek to establish partnerships across Brazil's nuclear sector, government and academia and global specialists such as the International Atomic Energy Agency, the World Institute for Nuclear Security, the US Department of Energy and Russia's Rosatom Technical Academy.

He said training would be targeted at professionals working in nuclear physical security in Brazil and Latin America, including those supported by international agencies and programmes, specialists linked to the Physical Security Office, personnel working in nuclear and radiological safety and specialist response forces. 

According to the announcement from the National Nuclear Energy Commission (Comissão Nacional de Energia Nuclear, CNEN) the financing agency selected the project for support after a call for proposals for "national centres for thematic scientific and technological research infrastructure in the areas of energy transition, ecological transition, digital transformation, health and defence".

Westinghouse CEO Patrick Fragman to step down

Thursday, 9 January 2025

Westinghouse Electric Company CEO and President Patrick Fragman has announced that he will step down at the end of March after more than five years in the role.

Westinghouse CEO Patrick Fragman to step down
Fragman, pictured during a panel discussion at World Nuclear Symposium in 2022 (Image: World Nuclear Association)

The company said that Fragman intends to spend more time in Europe with his family, but would "continue to support Westinghouse for a few more months after March 31 to facilitate the handover to the new CEO".

Mitch Davidson, Chairman of the Westinghouse Board of Directors, said: "We thank Patrick for his dedication and leadership during a transformational period for Westinghouse and the nuclear industry. Patrick has been instrumental in the turnaround of Westinghouse. During his tenure, Patrick successfully positioned Westinghouse to be the leading innovator and developer of nuclear technologies globally. Westinghouse now embarks on its next chapter with a unique profitable growth strategy for both the installed base of nuclear plants and new-build reactors of all sizes."

Tim Gitzel, president and CEO of Cameco, which together with Brookfield acquired Westinghouse in 2023, said: "Westinghouse is a pioneer in the nuclear energy industry and is regarded as a leader in nuclear innovation and plant services. We thank Patrick for his leadership and wish him and his family all the best in the future."

Dan Sumner, former operating plant services president, has now assumed the role of deputy CEO and will become interim president and CEO when Fragman leaves. A recruitment process is under way for a new CEO.

Davidson added: "Dan has been an instrumental leader for Westinghouse over the past 14 years, including in his role as chief financial officer and most recently president of the Operating Plant Services business. Dan is uniquely positioned to take the helm of the organisation at this time."

Before taking up the Westinghouse role in August 2019, Fragman was group senior vice president at ABB Limited and had previously spent 15 years at Alstom in senior roles based in the Canada, China, France and the USA, including leading its nuclear business. He had also worked in various energy-focused roles within the French government. He received an engineering degree from École des Mines de Paris.

Gen Z and millennials proudly wear ‘lab-grown’ diamonds, oblivious to the fact they’re made from burning coal in China and India

BY Isabella O'Malley and The Associated Press
October 24, 2024


Many young people are opting for lab-grown diamonds theses days due to the price.
Getty Images

The muted sounds of hammering and sanding drift down to the first floor of Bario Neal, a jewelry store in Philadelphia, where rustic artwork that mimics nature hangs on warmly-lit walls.

Waiting for one of those rings is Haley Farlow, a 28-year-old second grade teacher who has been designing her three-stone engagement ring with her boyfriend. They care about price and also don’t want jewelry that takes a toll on the Earth, or exploits people in mining. So they’re planning on buying diamonds grown in a laboratory.

“Most of my friends all have lab-grown. And I think it just fits our lifestyle and, you know, the economy and what we’re living through,” said Farlow.

In the U.S., lab-grown diamond sales jumped 16% in 2023 from 2022, according to Edahn Golan, an industry analyst. They cost a fraction of the stones formed naturally underground.

Social media posts show millennials and Generation Zs proudly explaining the purchase of their lab-grown diamonds for sustainability and ethical reasons. But how sustainable they are is questionable, since making a diamond requires an enormous amount of energy and many major manufacturers are not transparent about their operations.


Farlow said the choice of lab-grown makes her ring “more special and fulfilling” because the materials are sourced from reputable companies. All of the lab diamonds at Bario Neal are either made with renewable energy or have the emissions that go into making them countered with carbon credits, which pay for activities like planting trees, which capture carbon.

But that’s not the norm for lab-grown diamonds.
The disadvantages of lab-grown diamonds

Many companies are based in India, where about 75% of electricity comes from burning coal. They use words like “sustainable” and “environmentally-friendly” on their websites, but don’t post their environmental impact reports and aren’t certified by third parties. Cupid Diamonds, for example, says on its website that it produces diamonds in “an environmentally friendly manner,” but did not respond to questions about what makes its diamonds sustainable. Solar energy is rapidly expanding in India and there are some companies, such as Greenlab Diamonds, that utilize renewables in their manufacturing processes.

China is the other major diamond manufacturing country. Henan Huanghe Whirlwind, Zhuhai Zhong Na Diamond, HeNan LiLiang Diamond, Starsgem Co. and Ningbo Crysdiam are among the largest producers. None returned requests for comment nor post details about where it gets its electricity. More than half of China’s electricity came from coal in 2023.

In the United States, one company, VRAI, whose parent company is Diamond Foundry, operates what it says is a zero-emissions foundry in Wenatchee, Washington, running on hydropower from the Columbia River. Martin Roscheisen, CEO and founder of Diamond Foundry, said via email the power VRAI uses to grow a diamond is “about one tenth of the energy required for mining.”


But Paul Zimnisky, a diamond industry expert, said companies that are transparent about their supply chain and use renewable energy like this “represent a very small portion of production.”

“It seems like there are a lot of companies that are riding on this coattail that it’s an environmentally-friendly product when they aren’t really doing anything that’s environmentally friendly,” said Zimnisky.
How are lab-grown diamonds made?

Lab diamonds are often made over several weeks, subjecting carbon to high pressure and high temperature that mimic natural conditions that form diamonds beneath the Earth’s surface.


The technology has been around since the 1950’s, but the diamonds produced were mostly used in industries like stone cutting, mining and dentistry tools.

Over time the laboratories, or foundries, have gotten better at growing stones with minimal flaws. Production costs have dropped as technology improves.


That means diamond growers can manufacture as many stones as they want and choose their size and quality, which is causing prices to fall rapidly. Natural diamonds take billions of years to form and are difficult to find, making their price more stable.
Lab-created vs natural diamonds

Diamonds, whether lab-grown or natural, are chemically identical and entirely made out of carbon. But experts can distinguish between the two, using lasers to pinpoint telltale signs in atomic structure. The Gemological Institute of America grades millions of diamonds annually.

With lower prices for lab-grown and young people increasingly preferring them, the new diamonds have cut into the market share for natural stones. Globally, lab-grown diamonds are now 5-6% of the market and the traditional industry is not taking it sitting down. The marketing battle is on.

The mined diamond industry and some analysts warn lab-grown diamonds won’t hold value over time.

“Five to ten years into the future, I think there’s going to be very few customers that are willing to spend thousands of dollars for a lab diamond. I think almost all of it’s going to sell in the $100 price point or even below,” said Zimnisky. He predicts that natural diamonds will continue to sell in the thousands and tens of thousands of dollars for engagement rings.
Are lab-grown diamonds worth it?

Some cultures view engagement rings as investments and choose natural diamonds for their value over the long term. That’s particularly true in China and India, Zimnisky said. It’s also still true in more rural areas of the United States, while lab-grown diamonds have taken off more in the cities.


Paying thousands of dollars for something that drops most of its value in just a few years can leave the buyer feeling cheated, which Golan said is an element that is currently working against the lab-grown sector.

“When you buy a natural diamond, there’s a story that it is three billion years in the making by Mother Earth. This wondrous creation of nature … you cannot tell that story with a lab-grown,” said Golan. “You very quickly make the connection between forever and the longevity of the love.”

“If we really want to get technical here, the greenest diamond is a repurposed or recycled diamond because that uses no energy,” Zimnisky said.

Page Neal said she co-founded Bario Neal in 2008 to “create jewelry of lasting value that would have a positive impact on people and the planet.” All of the materials in her jewelry can be traced throughout their supply chain. The store offers both lab-grown and natural diamonds.

“Jewelry is a powerful symbol … it’s a keeper of memories,” she said. “But when we’re using materials that have caused harm to other people and the environment to create a symbol of love and commitment or identity, to me it feels at odds. We want to only work with materials that we feel like our clients would be proud to own.”


___

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

A version of this story originally published on Fortune.com on February 13, 2024.
Syrah Resources secures loan waiver amid Mozambique unrest

Reuters | January 6, 2025 | 

Syrah’s Balama graphite operation in Mozambique. Image from Syrah Resources.

Australia’s Syrah Resources said on Tuesday it has secured a waiver for default events under its United States International Development Finance Corporation (DFC) loan of $150 million, granting it relief following operational disruptions at its Balama graphite operation in Mozambique due to ongoing nationwide protests.


The company suspended operations at its flagship graphite mine in December, following disruptions caused by farmer-led protests since September 2024. Despite the suspension, Syrah has not defaulted on any loan payment obligations.

The Melbourne-based miner received a $53 million tranche in November 2024, which is now available for Balama’s working capital.

While the remaining balance is committed, “further DFC loan disbursements are not available while Balama operations are blocked by the protest actions,” Syrah said in a statement.

“Operating conditions in Mozambique are challenging with ongoing nationwide protests associated with general elections causing widespread disruptions throughout the country,” it added.

Syrah said it is actively collaborating with the DFC and the US Department of Energy regarding these default events as the nationwide protests continue to disrupt operations across Mozambique.

Shares of the miner were up 2.3% to A$0.22 in early trade.

(By Kumar Tanishk; Editing by Tasim Zahid)

Thunder Gold makes generational 

discovery


Trevor Abes , The Market Online

  • Thunder Gold (TSXV:TGOL) has uncovered a new gold zone at surface within its Tower Mountain property 50 kilometres west of Thunder Bay, Ontario
  • The supporting drill core assay results are the best the property has yielded in half a century
  • Highlights from the P target include 1.93 grams per ton (g/t) of gold over 54.2 metres in TM24-152 and 0.93 g/t gold over 41.8 metres in TM24-160
  • Thunder Gold, formerly White Metal Resources, is a junior mining stock focused on gold discoveries in Canada
  • Thunder Gold stock is flat year-over-year and down by 20 per cent since 2020

Thunder Gold (TSXV:TGOL) has uncovered a new gold zone at surface within its Tower Mountain property 50 kilometres west of Thunder Bay, Ontario. The supporting drill core assay results are the best the property has yielded in half a century.

All 13 drill holes yielded continuous gold grades greater than 0.30 grams per ton (g/t) of gold over intervals ranging from 10 to 50 metres, indicating “large-tonnage low-grade gold resource potential,” according to Tuesday’s news release.

The drilling program, based on robust channel samples released in November, established a new gold zone with a 125-metre strike length, estimated true width ranging from 20 to 45 metres and a drill-traced depth of 45 metres. Mineralization is open along strike and down dip.

The observed gold trend tracks northwest for 500 metres to the untested PAPA target (average 1.65 g/t gold from surface rock samples), and continues for another 500 metres northwest to the minimally drilled H target (average 1.61 g/t gold from surface rock grab samples). The gold trend also traverses a third gold-in-soil anomaly 400 metres to the southeast and is interpreted to approach the property boundary a further 600 metres to the southeast.

To date, Thunder Gold drilling has established anomalous gold extending for over 500 metres (along a 1,500-metre strike length) to depths of over 500 metres from surface, all within the largest exposed intrusive complex in the gold-rich Eastern Shebandowan Greenstone Belt. About 75 per cent of the perimeter surrounding the intrusion shows identical geology, alteration and geophysics, offering significant exploration upside.

Leadership insights

“This is the most significant set of drill hole results at Tower Mountain in 50 years,” Wes Hanson, Thunder Gold’s president and chief executive officer, said in a statement. “Confirming gold mineralization along the eastern margin of the Tower Mountain Intrusive Complex (TMIC) has been my priority since I joined the company in 2022. The historical drilling (190 holes, 41,000 metres) along the western TMIC contact defines a conceptual exploration target that we estimate to be between 40 to 80 million tons averaging 0.80 to 1.20 g/t gold. Establishing mineralization of similar grade and thickness along the eastern perimeter, a mere 1,200 metres to the east, significantly increases our confidence that we can grow towards a Tier One gold discovery. All 13 holes returned sustained gold grades over wide intervals. The projected mineralized trend lies entirely within our 100-per-cent owned mineral title. All mineralization lies within a 1,200-metre radius of the TMIC center, providing a compact footprint which benefits exploration efficiency. With all necessary infrastructure in place, Tower Mountain offers a truly unique combination of size, grade predictability, world class infrastructure and a premium mining jurisdiction that cannot be matched.”

Tower Mountain diamond drilling assay results

Click to enlarge
Source: Thunder Gold.

About Thunder Gold

Thunder Gold, formerly White Metal Resources, is a junior mining stock focused on gold discoveries in Canada. Thunder’s portfolio also includes the PEN gold property and the Seagull Lake platinum group elements property, both in Ontario, as well as minority interests in various early-stage base and precious metal projects.

Thunder Gold stock (TSXV:TGOL) last traded at C$0.04 per share. The stock is flat year-over-year and down by 20 per cent since 2020.

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The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top photo of a Thunder Gold drill: Thunder Gold)

GOLD BUG RUN

India cuts November gold imports by record $5 billion

Reuters | January 8, 2025 | 

Stock image.

India has cut its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, after errors in preliminary calculations inflated the figure to a record, government data showed on Wednesday.


New Delhi said last month its gold imports hit a record high of $14.8 billion in November, more than doubling from $7.13 billion in October.

The spike widened the country’s merchandise trade deficit to a record $37.84 billion in November, exceeding economists’ forecast of $23.9 billion and spooking financial markets.

The country’s gold imports in November were $9.84 billion, compared with a preliminary estimate of $14.8 billion published last month, data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed.

The downward revision in gold imports by $5 billion would reduce the trade deficit by a similar amount, said a government official, who declined to be named because he was not authorized to speak publicly.

India is the world’s second-largest consumer of gold and relies on imports to meet most of its demand, which typically increases during the festival and wedding season in the December quarter.


Despite the revision of November numbers, the country spent a record $47 billion on gold imports in the first 11 months of 2024, surpassing the $42.6 billion spent during the whole of 2023, as gold prices jumped to a record high, the data showed.

Gold delivered better returns than stocks for Indian investors in 2024, driving increased demand for coins and bars, according to the World Gold Council.

India imports gold from countries including African countries, Peru, Switzerland and the United Arab Emirates.

Its gold imports rose sharply after India, in July, cut import duties on gold to 6% from 15%.

Higher November imports raised concerns among the bullion industry of import duty hikes to curb consumption, but revised data shows no unusual demand rise, a Mumbai-based dealer with a gold importing bank said.

(By Rajendra Jadhav and Shivangi Acharya; Editing by Tom Hogue, Sharon Singleton and Barbara Lewis)
Gold price steady as Trump’s remarks fan uncertainty across markets

Bloomberg News | January 6, 2025

Gold has a bright future under Trump administration
. Credit: Adobe Stock by couperfield.

Gold was steady as traders weighed risks to global trade under the incoming US administration, with President-elect Donald Trump denying a report he might moderate plans for across-the-board tariffs.


Bullion held near $2,634 an ounce, after ending slightly lower in the previous two sessions. The uncertainty about the hotly anticipated policy moves helped lift 10-year Treasuries yields to the highest level since May on Monday, while the dollar fell. That was mixed for gold, which typically faces a headwind from higher yields, but support from a weaker US currency.

Bullion surged 27% last year in a record-breaking run that was propelled in part by US monetary easing, though the rally lost momentum after Trump’s US election victory buoyed the dollar. Bulls are now facing the prospect of less impressive gains this year, with Goldman Sachs Group Inc. pushing back a target for gold hitting $3,000 to mid-2026 on expectations for fewer Federal Reserve cuts.

Against that backdrop, hedge funds’ bullish wagers fell to the lowest in six months, Commodity Futures Trading Commission data showed.

Spot gold eased 0.1% to $2,633.61 an ounce at 8:23 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat, after a 0.6% loss in the previous session. Silver, palladium and platinum were steady.

Traders are looking ahead to Friday’s US jobs report, which is expected to show a moderating yet still-healthy labor market. The data are unlikely to alter the view that the Fed will take a more cautious approach to cutting rates in 2025 amid renewed concerns about inflation. Minutes of the Fed’s December meeting are also due this week.

(By Sybilla Gross)
Illegal gold mining forces Ghana to close water treatment plant

Bloomberg News | January 7, 2025 |

Credit: AeroVision Gh | Shutterstock

Ghana’s top water utility shut down the treatment plant that serves its biggest mining hub following a surge in illegal gold mining that’s polluted the river that supplies the facility.


Ghana Water Co. last week shuttered the plant that produces 75% of potable water for Tarkwa and its neighboring areas in the country’s west “due to massive galamsey activities on River Bonsa,” it said Tuesday, using a local term for illegal gold mining.

Surging gold prices have spurred an illicit rush in Africa’s biggest producer of the metal, enabled by lax regulations. Major operators such as the AngloGold Ashanti Plc, Gold Fields Ltd. and Newmont Corp run large-scale operations in Ghana, but it’s the largely informal, small-scale gold-mining sector that authorities blame for the environmental damage.

The ecological burden became a campaign issue in the run-up to Dec. 7 elections that unseated the incumbent administration at the constituency and national levels. Ghana is inaugurating its new president, John Mahama, later Tuesday.

(By Yinka Ibukun)
Nippon Steel’s thwarted bid sets up tougher rivalry with Chinese mills

Bloomberg News | January 7, 2025 | 

Steel mill in Hebei province, China. Stock image.

Nippon Steel Corp.’s thwarted bid to expand in the US could mean tougher competition for Chinese mills in an already saturated global market.


Creating an entity to compete more effectively with China, the world’s biggest producer and consumer of steel, was touted as a key rationale behind the Japanese firm’s proposal to purchase United States Steel Corp. The two companies have jointly filed lawsuits in a last-ditch effort to preserve the deal, which was blocked by President Joe Biden last week.

But buying US Steel would have funneled billions of dollars of Japanese investment into a country that China doesn’t really sell to. If its legal maneuvers fail, Nippon Steel will be obliged to find other other avenues for growth that could involve funding a more intense rivalry in markets that Chinese mills do care about.


Chinese exports have surged over the past couple of years as steelmakers have been forced to sidestep the country’s property crisis and look overseas to clear their mounting surplus. That’s put world prices under sustained pressure, creating much of the momentum for Nippon Steel’s US foray as Japan’s biggest mill sought to decisively break out of its own moribund domestic market.

Although the end of Nippon Steel’s US ambitions won’t have a big direct impact on China’s steelmakers, it’s likely to shift the Japanese firm’s focus “to other markets where there may be more competition with Chinese mills,” said Tomas Gutierrez, an analyst at Kallanish Commodities Ltd.

The potential battlegrounds range from Southeast Asia to India and Brazil. Those are all markets where Nippon Steel has existing partnerships, including with the world’s second biggest mill ArcelorMittal SA, or has flagged as targets for expansion. They also include some of the countries that have seen the biggest increases in Chinese steel imports this year.


India holds great promise for steelmakers, given the growth potential from its ongoing urbanization and infrastructure buildout. The government is also keen on raising domestic output and is one of many countries to impose anti-dumping measures on Chinese imports, which makes Nippon Steel’s foothold there even more valuable.

“Nippon Steel’s expansion in the country, including joint ventures such as its collaboration with ArcelorMittal, poses a challenge to Chinese steel exports,” said Lawrence Zhang, principal consultant in steel and raw materials at Wood Mackenzie Ltd.

Brazil offers another opportunity to reduce China’s market share, said Zhang, with the added bonus that the Japanese firm’s local partnerships in the country “often involve access to Brazil’s iron ore reserves, essential for Nippon Steel’s operations globally.”

(By Yihui Xie and Katharine Gemmell)
British Columbia’s EAB upholds $104k fine against Teck Coal for workplace injury

British Columbia’s Environmental Appeal Board (EAB) upheld last week a C$140,000 (US$97,500) fine against Teck Coal for “severe and life-altering” injuries 

By Staff Writer January 8, 2025

Teck had four steelmaking coal operations in the Elk Valley of British Columbia, Canada. (Image courtesy of Teck.)


British Columbia's Environmental Appeal Board (EAB) upheld last week a C$140,000 (US$97,500) fine against Teck Coal for "severe and life-altering" injuries a contract mechanic suffered working at its Elkford operations in 2019.

The mechanic was installing a wheel on a truck in a workshop at a mine site operated by Teck Coal, which had contracted MAXAM Explosives Inc. for explosives-related services, equipment, and supplies required for blasting at its Greenhills mine, according to the EAB ruling.

In 2022, Teck appealed a determination of administrative penalty, and British Columbia’s chief inspector of mines investigated the incident.

The inspector “concluded that the Appellant (Teck Coal) failed to ensure that the Mechanic was adequately trained in the safe removal and installation of wheels as required to service trucks used in the mixing and delivery of explosives,” court documents read.

As such, Teck Coal was found to have contravened the Health, Safety and Reclamation Code for Mines in BC.

Teck Resources, Canada’s largest diversified miner, last year sold its British Columbia-based steelmaking coal unit to Swiss commodities giant Glencore in one of the biggest deals in the industry.

The deal closed last summer, with Glencore paying nearly US$7 billion for Teck’s 77% stake in the coal business.
India to sign mining pact with Mongolia soon, govt source says

Reuters | January 9, 2025 | 

India’s Prime Minister Narendra Modi.
 (Image by the World Economic Forum, Flickr.)

India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, a senior Indian government official with direct knowledge of the matter said.


Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking.

“India’s cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon,” the source said, declining to be identified as the deliberations are not yet public.

India’s federal mines ministry did not respond to a Reuters email seeking comment.

Mongolia’s Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments.

Companies such as Adani, Hindalco and Vedanta have expressed an interest in sourcing copper from Mongolia, the source said. All three companies did not respond to emails from Reuters seeking comment.

Both Indian and Mongolian officials are working out supply routes for Indian companies to source copper and coking coal, with India preferring the route from Vladivostok in Russia despite the longer distance, the official said.

“China is convenient but we prefer the route from Russia,” the official said.

Relations between Asian giants India and China were strained after a deadly military clash on their disputed border in 2020 but have been on the mend since they reached an agreement in October to pull back troops from their last two stand-off points in the western Himalaya mountains.

Unlike China, India has traditionally maintained close ties with Russia.

Resource-rich Mongolia can offer superior grades of coking coal, industry officials say.

In November, India’s JSW Steel and state-run Steel Authority of India (SAIL) were in talks with Mongolian authorities to import two shipments of coking coal, Reuters reported.

(By Neha Arora; Editing by Christian Schmollinger)