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🔹Russia is temporarily restricting enriched uranium exports to the U.S.🇺🇸, raising supply concerns for US reactors that produce nearly 20% of the nation's electricity. This is an expected symmetrical response to the actions of the American authorities, which adopted the law banning the import of Russian 🇷🇺 uranium in May this year. However, the decree provides for a special procedure of organizing Russian uranium deliveries to the US territory and to the US customers.

🔹Enriching uranium is a highly specialized process that can only be done in certain countries, such as Russia that also has some of the world's largest uranium supplies. While the US is self-sufficient in fabrication, uranium, and uranium processing, U.S. capabilities in conversion and enrichment are another matter.

🔹Kazakhstan 🇰🇿, the world’s largest uranium producer, has secured shareholder approval for major contracts with Chinese companies. The construction of a new power plant in Kazakhstan was greenlighted by referendum in early October. Potential partners to build the plant: Russia’s Rosatom, China’s National Nuclear Corporation, South Korea’s Hydro & Nuclear Power, and France’s EDF.

🔹China 🇨🇳 intends to build over 100 new nuclear reactors by 2035. “China today likely stands 10 to 15 years ahead of the United States in its ability to deploy fourth-generation nuclear reactors at scale.

🔹 Niger 🇳🇪 welcomes Russian uranium mining companies to operate. Tensions between France and Niger had forced Niger's authorities to revoke uranium mining licenses to French companies.

🔹The Italian 🇮🇹 gov't has appointed teams to draft specific laws to address a renewed Italian interest in nuclear energy.

🔹 Uranium mines in the Athabasca Basin, Canada 🇨🇦 sees mining activity pick up in recent years with old mines reopening to improve output.

Photo Source: Bloomberg