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WNA: Uranium demand to increase 28% by 2030, as nuclear energy gains momentum
The World Nuclear Association (WNA), in a Friday report, said that the demand for uranium in nuclear reactors will increase by nearly 30% over the next five-year period as more countries rely on nuclear energy to achieve zero-carbon goals. The WNA's Nuclear Fuel Report, published every two years, said that new uranium mining operations and re-starting of existing ones will be required in the coming years to satisfy the growing demand. It said that concerns over energy independence and security due to geopolitical issues have also increased interest in nuclear energy. The report stated that the demand for uranium used in nuclear reactors will increase by 28% in 2030, and by 2040 it is expected to more than double to 150,000 metric tonnes a year from 67,000 tons per annum in 2024. According to the report, the mine supply is sufficient in the short-term, but shortages may occur after 2030. The report stated that it takes 10-20 years for uranium to be produced after the first discovery. In order to avoid future supply disruptions, it is necessary to accelerate the development of new projects in this decade. The global nuclear capacity by the end of 2025 will be 398 gigawatts (GWe), with an additional 71 GWe under construction. The report stated that nuclear capacity will increase by 13% in 2030, and by 87% by 2040 to 746 GWe. It said that "a number of countries have implemented nuclear moratoriums or phase-out policies, and are now re-evaluating their long-term policies on energy and considering nuclear energy as a part of the mix." The report also said that small modular reactors are cheaper and easier to build. The global uranium industry has been recovering in recent years. Production is expected to increase by 22% between 2022 and 2024, to 60,213 tonnes. The production is expected to grow, and secondary supplies, along with the output, will be sufficient to supply reactors for the short-term, added the report. The output of existing mines will halve in the decade following 2030. This means that new mines and idle operations will need to be restarted. The report stated that the regional market disruptions caused by Russia's invasion of Ukraine have increased the need for enriched capacity. Reporting by Eric Onstad and Editing by Louise Heavens
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Gold Heads for Best Week in Three Months Ahead of US Jobs Data
Gold prices rose on Friday, and were on course for their biggest weekly gain in three-months, as investors looked forward to the U.S. Non-farm Payrolls Data due later that day. As of 0741 GMT, spot gold was up by 0.1%, at $3,548.09 an ounce. Bullion is up 2.9% this week. U.S. Gold Futures for December Delivery rose by 0.1% to $3.608.90. The U.S. unemployment claims increased more than expected in the last week. Meanwhile, ADP's National Employment Report revealed that private payrolls were below expectations for August. Both of these signals further evidence of a weakening labor market. Investors now focus on the U.S. Non-farm Payrolls Report, due at noon GMT. According to a poll it is expected that 75,000 new jobs were created in August, compared to 73,000 in July. Ole Hansen is the head of commodity strategy at Saxo Bank. He said that the short-term outlook for gold depends on the U.S. employment report, its impact on bond yields and rate cuts, as well as the dollar. A weak NFP will drive prices towards $3,650 while the support level between $3,450 and $3,500 will remain key. Speaking earlier this week, several Federal Reserve officials cited labour market concerns to support the case for rate reductions. The Fed is expected to deliver its first rate reduction of the year at the end of its two-day meeting beginning September 17, lowering interest rates 25 basis points. Gold, which reached a record-high of $3,578.50 Wednesday, has no yield, but it performs well when interest rates are low. Hansen stated that the combination of lower financing costs, Fed independence, geopolitical risk, a steepening curve, and a weaker US dollar, all point to further gains for precious metals. If the current trend continues, spot silver will be up 0.3% at $40.81 an ounce, and it could reach its third consecutive weekly gain. Platinum rose 1% to $1381.33 while palladium gained 0.2%, reaching $1125.74.
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Iron ore gains for the second week in a row as dollar weakness overshadows supply problems
The price of iron ore futures increased for the fourth consecutive session on Friday, and was heading to a second week-long gain as a weaker dollar and more bets for an interest rate reduction in the United States overshadowed a muted recovery in demand after a military display by China, which is a major consumer. As of 0814 GMT, the benchmark October Iron Ore traded on Singapore Exchange was 0.28% higher than its previous price at $105.1 per metric ton. The dollar has been weakening amid speculation of a U.S. Federal Reserve interest rate cut. The contract for the most traded January iron ore on China's Dalian Commodity Exchange closed daytime trading 0.77% higher, at 789.5 Yuan ($110.37), recording a week-to-week rise of 0.3%. Some analysts attributed the strength of the ore prices in the afternoon to the price rally on the coal market. Coking coal, coke and other steelmaking components have risen by 6.3% and 4,7% respectively. This is due to renewed concern over the reduction of supply. Earlier in the morning session, both ore contracts retreated from multi-week high in the prior day as a sharper-than-expected fall in demand weighed. The average daily hot metal production, which is a measure of iron ore consumption, fell by 4.7% compared to the previous week, reaching 2.29 million tonnes in the week ending September 4, the lowest level since February 28. The market participants expected that the output would fall more sharply this week, due to production restrictions in Tangshan's top steelmaking hub for the military parade to be held on September 3, to commemorate World War II. However, a drop of almost 5% caught some traders and analysts off guard. Iron ore prices are also being limited by the growing supply. The Shanghai Futures Exchange steel benchmarks gained a lot of ground due to higher raw material costs. Rebar, hot-rolled coil and wire rod rose 1% while stainless steel fell 0.3%.
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S.African's ARM stops mining at Bokoni Platinum Mine
African Rainbow Minerals, a South African company, has suspended operations in its Bokoni platinum mining asset while it develops a revised mine plan. The announcement came on the heels of a dramatic fall in earnings. ARM recorded a 2.2 billion rand ($125,000,000) impairment at Bokoni. The company cited a delay in ramping-up mining operations as well as a change of mining method. This pushed ARM’s basic earnings to 330 millions rand for the year ending June 30 from 3.1 billion. The company said that its headline earnings for the year, which excludes one-off items like impairments, was 2.695 billion Rands, down from 5.08 billion in previous years due to lower iron ore prices and coal. ARM purchased Bokoni in 2022 from Anglo American Resources Corporation and Atlatsa Resources Corporation. The purchase price was 3.5 billion rand. In 2017, the platinum mine was put under care-and-maintenance after a series of losses. ARM operates Bokoni with an existing 60,000 metric tons per month concentrator as part of an initial "early ounces plan" aimed at expanding the operations. The collapse in platinum group metals prices in 2023 has forced ARM, however, to delay the planned mine development project of 240,000 metric tons per month. "Without this greater scale, the lower volumes of production obtained from the Early Ounces Project could not achieve required economies-of-scale," ARM stated in a results report. The company stated that the current capacity of mining and milling was not sufficient to offset fixed costs, and maintain profitability. As a result, operations were suspended at the end June. The mine's cash cost increased by 48%, to $2,051 an ounce, as Bokoni's production of platinum group metals concentrates rose 62% in 2012. ARM will now focus on the development of ore reserves at Bokoni, while a feasibility for a smaller mine producing 120,000 metric tons per month is in progress. The study should be completed by early 2026. ($1 = 17,5632 rand). (Reporting and editing by Nelson Banya, Jacqueline Wong Jamie Freed Emelia Sithole Matarise).
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Indian Oil skips US crude, buys Nigerian, Mideast oil via tender, say sources
Indian Oil Corp, a top refiner in India, has opted to buy West African oil and Middle Eastern grade instead of buying U.S. crude. This was revealed by trade sources on Friday. People said that the state refiner bought from TotalEnergy a million barrels from each Nigerian oil grade Agbami or Usan, and Shell a million barrels from Abu Dhabi's Das crude. Das oil was purchased on a free-onboard basis, and Nigerian oil on a delivery basis. Both are due to arrive in Indian ports by the end of October or early November. IOC purchased 5 million barrels U.S. West Texas Intermediate in its previous auction last week. Indian refiners took advantage of an arbitrage window that was favorable and increased their purchases of U.S. crude oil through tenders. The U.S. purchases of oil also helped reduce India's huge trade surplus with the U.S. The U.S. crude landed costs were high in comparison to other grades despite the Brent-WTI differential for the first month. Being about $4 per barrel. Reporting by Nidhhi Verma from New Delhi, and Siyi LIu from Singapore. Editing by Harikrishnan Nair
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Berkeley UK confirms its profit forecast for fiscal year 2026-2027
Berkeley, a British homebuilder, reaffirmed Friday its profit forecasts for fiscal years 2026-2027 and reported stable sales over the first four-month period of fiscal 2026. Housing market in the UK is facing renewed uncertainty, as high borrowing costs are causing affordability issues. Planning and regulatory obstacles also compound the situation. Developers, such as Persimmon, Barratt Redrow and others, are increasingly using incentives and discounts to boost demand. Berkeley has maintained its forecasted pre-tax profit of 450 millions pounds ($607,9 million) for year ending April 30th 2026. It also projected a similar result for fiscal 2027. LSEG data shows that analysts expect a pre-tax profit of 460.9 millions pounds for fiscal 2026. The company estimates that its pre-tax profit will be evenly distributed between the first half and the second half of this fiscal year. ($1 = 0.7402 pound) (Reporting and editing by Sumana Niandy in Bengaluru)
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ASIA GOLD - Record prices inflict a stifling effect on top hubs, while China and India switch to discounts
Due to the record-high prices of gold, demand for physical gold dropped in major Asian hubs this week. Dealers in China and India, two top consumers in Asia, responded by offering steep discounts in order to attract buyers. On Wednesday, spot gold prices reached a record high of $3.578.50 an ounce and were on track for their best three-month period. Indian dealers offer a discount Up to $12 per ounce above official domestic prices. This includes 6% import duties and 3% sales taxes, as opposed to the $4 premium last week. The price hike has caused the demand to be thrown off. Harshad Ajmera is the owner of JJ Gold House in Kolkata. Indians will celebrate Dussehra (October) and Diwali (October), when purchasing gold is considered auspicious. India's gold price traded around 106.800 rupees for 10 grams last Friday after reaching a record-high 107.226 rupees this week. A Mumbai-based dealer said that jewellers purchased gold in the last week before the festive season. However, the price spike has caused uncertainty about demand. This week, Chinese dealers offered discounts ranging from $12 to $16 per ounce over the global benchmark price . Last week, the price of gold per ounce was set at $5 more than par. The demand in China has been weak. The lack of interest in buying physical metals at these high costs is evident. The lack of new import quotas has a significant impact on the physical flow chain, said Bernard Sin. In Hong Kong, gold In Singapore, the price was $1.60 higher than par. Gold traded at par prices with a premium of $2.20. People are having a hard time digesting higher prices. Peter Fung, Wing Fung Precious Metals' head of trading, said that the lack of buying and some selling is due to this. In Japan, bullion Was sold at a discounted price of $0.50 or a premium of $0.50 over spot prices.
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What you need to Know about the upcoming Norwegian elections
The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by the Progress Party. Inequality and taxation are two of the key issues that will determine the vote. The outcome may also have an effect on the energy and power supply to Europe, as well as the management and control of Norway's large sovereign fund. What's at stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to government in 2021. This follows eight years of Conservative governments. Labour led a minor government supported by the Socialist Left Party and the rural Centre Party. According to a Respons Analyse survey conducted for the daily Aftenposten between August 7-13, inequality is top of voters' concerns. Defence and national security have dropped to sixth place from a similar survey in April. The campaign has been dominated by cost of living issues and budgetary concerns, with the inflation rate in food prices at 5.9% over the past 12 months. According to the survey, voters also prioritized taxes, the economy and jobs. Labour's allies, however, want to raise taxes on the wealthy in order to fund tax cuts for families with low incomes and expand public services. Both Progress and Conservatives advocate for large tax reductions. SOVEREIGN FUND Norway’s wealth fund of $2 trillion, based on oil and gas revenues, allows the government to spend more freely than other European countries. However, inflation and interest rate control are factors that limit spending. The debate about investments in Israel was at the forefront of the campaign and sparked a public discussion on how the world's biggest sovereign fund works. Last week, the Socialist Left said that it would support a Labour government only if they divested from companies involved in "Israel's illegal war in Gaza". Labour rejected this demand but it could be hard to reject such demands after the election. OIL AND GAS Norway has replaced Gazprom as Europe's largest gas supplier after the Russian invasion of Ukraine in 2022. Norway's importance is expected to increase as the European Union plans on phase-out Russian gas use by 2027. However, exploitation of new oil and gas resources is crucial to slowing production down. Depending on the influence of the Greens, Liberals, and other smaller parties, the election may decide whether Norway opens up new areas for oil exploration or if it restricts the companies to the existing ones. It is unlikely that radical proposals such as stopping exploration altogether will receive enough support. Norway exports its surplus power to Europe. Some left-wing and rights-wing parties continue to campaign on the issue of limiting exports. This would cause problems for both the neighbours of Norway and Brussels. Norway may not be a member of the EU, but it is a part of the Single European Market and must follow its rules. Restriction of power exports would be a breach. The parties are divided on how to meet the growing domestic demand, which is eroding Norway’s surplus. In recent years, little new generation capacity has been added. The cost of wind on land, solar, and new hydropower is relatively low, and the construction process is quick. However, there are local protests about their environmental impact. Due to its high cost, offshore wind is controversial. HOW DOES IT OPERATE? Norway uses a proportional system where 169 legislators are elected for a four-year fixed term from 19 geographic districts. A party that receives more than 4% of the vote nationwide will be guaranteed representation. However, a strong showing within a district can also result in one or several seats. A majority of 85 seats is not expected by any party, so the most likely outcome will be a continuation of minority rule by Labour or a coalition. Nine parties are predicted to gain seats, according to polls. On the left are Labour, the Socialists and the Greens. Labour's Stoere will remain in power if the centre-left party wins. If it is centre-right, either Progress Party leader Sylvi Listehaug, or Conservative Party chief Erna Solberg, could become Prime Minister. Results are expected to be known by the end of the ballot on 8 September at 1900 GMT. The results could be revealed late in the evening. However, the final result may not be known for several days. Negotiations after the election will determine which parties form the cabinet.
INSIGHT-Losing hope of rescue, some European solar firms head to United States
European governments due to relocate to support their solar power makers today will be too late to stop solar panel maker Meyer Hamburger leaving a German factory to send out production to the United States.
The plant in Freiberg in eastern Germany closed in mid-March with the loss of 500 jobs, as the Swiss-listed company joined a. growing list of European renewable resource production. factories closing down or moving. In the previous year, at least 10. have stated they remain in financial problems.
On a recent check out to the site, giant white robotic arms hung. dormant over empty wooden pallets as employees prepared the last. assembly line for shutdown. Talks with the German federal. government to attempt to secure a future for the factory ended. without success in late March, a business spokesperson told. .
Germany's economy ministry stated it knew the extremely. serious circumstance of German companies and has actually been analyzing. funding choices with the market for over a year. It agreed to. offer Meyer Hamburger an export credit guarantee for equipment. produced in Germany to be utilized at the U.S. factories, which will. assist a website nearby but won't save the Freiberg one.
The closure, which in one sweep minimized European photovoltaic panel. production by 10%, comes regardless of a boom in wind and solar power. in Europe. Additions to renewable energy capacity, consisting of. photovoltaic panels, are running at record rate, according to information from. the International Energy Firm.
But Europe-based producers that supply those panels are. being squashed by competition from China and the U.S., whose. governments provide more assistance to their manufacturers.
The circumstance postures a predicament for European federal governments. keen to combat environment modification: Either offer more assistance to. ensure local production can stay competitive, or enable the. unfettered circulation of imports to maintain the rate of setups. A conference in Brussels between European energy ministers on. Monday will make a gesture of support for the struggling. market.
China is broadening solar output and now accounts for 80% of. the world's solar manufacturing capability. The cost of producing. panels there is around 12 cents per watt of energy produced,. compared with 22 cents in Europe, according to research study company. Wood Mackenzie.
U.S. aids revealed as part of the 2022 Inflation. Decrease Act enable some renewable energy producers and. job designers to claim tax credits, which are bring in. businesses from within the European Union and beyond.
Meyer Burger says its plans include a photovoltaic panel factory in. Arizona and a solar battery factory in Colorado.
We made a vibrant relocation in the lack of any market policy. support in Europe and shifted a solar battery growth project. from Germany to the U.S., its president Gunter Erfurt. told in an interview.
Likewise, battery business Freyr which runs mostly in. Norway, has actually quit working at a half-finished plant near the. Arctic Circle and is focusing on prepare for a plant in the U.S. state of Georgia after Washington announced the policy.
Freyr stated in February it had changed its registration to. the U.S. from Luxembourg.
We did invest quite a bit of time trying to truly make sure. that we weren't devoting an error, stated Birger Steen, chief. executive of Freyr: The company initially looked for assistance from. Norwegian or European federal governments.
We got to the point where we concluded that type of. policy level response was not forthcoming.
Asked to comment, Norway's ministry of trade and market. said that it had introduced an industrial policy framework. targeting energy shift technologies including solar and. batteries, however did not directly attend to questions about. additional financing for the companies in this story.
CHARTER
At Monday's meeting, the European Commission will launch a. voluntary charter for governments and business to sign in. support of solar factory. Industry association. Solar energy Europe will coordinate business signatories. However the. charter, which says that purchasers of solar panels need to include. some domestic production in what they purchase, is not enforceable,. Solar energy Europe said.
Michael Bloss, EU parliament member for Greens, launched a. petition previously this month requiring action at a European. level to rescue panel makers.
Bloss states he is pushing for the European Commission to set. up a 200 million euro ($ 213 million) fund to buy up unused. European-made solar panels, however Europe has hesitated to. pursue that. The European Commission declined to comment.
We are-- in headings and Sunday speeches-- very much in. favour of producing our own solar industry, however then in action,. nothing occurs, Bloss informed .
The charter will be more like a political declaration. signed by member states, solar companies and the Commission,. it's more long term, it has no instant impact.
In February, European policymakers adopted the Net-Zero. Market Act, a set of procedures consisting of a target to produce. 40% of the region's tidy tech needs by 2030.
The previous month, the EU also authorized nearly $1 billion. of German state help for a Swedish battery. manufacturer, Northvolt, to help it establish a production plant in. Germany after Northvolt threatened to take its company to the. United States. It was the first time the bloc used an. exceptional measure allowing member nations to step in with. help when there's a danger of financial investment leaving Europe.
But aid for ongoing operations has not been upcoming,. amid political difference over just how much public funds ought to go. to having a hard time businesses.
Choices about supporting markets or firms like Meyer. Burger are down to member states, a spokesperson for the. European Commission told . Germany's economy and climate. ministry thinks help to keep an existing business like Meyer. Hamburger would not be legal if there is a lack of market. prospects from the business's perspective, a spokesperson told. .
Prospective clients-- renewable resource installers that. depend heavily on inexpensive Chinese imports-- have likewise pressed back. against any brand-new subsidies for regional panels, arguing such relocations. could harm them by triggering customers to postpone orders as they. await the subsidies to start.
INTERTWINED
More than a year's worth of low-price imported panels sit in. European warehouses waiting for setup, according to. consultancy Rystad Energy and photovoltaic panel makers. could. not individually validate that quote.
That backlog could grow as Chinese capability continues to. broaden, Rystad states: If all the plans Chinese companies have. announced proceed, China's industry will have the ability to make twice. as many panels as are anticipated to be set up worldwide in. 2024, said Marius Mordal Bakke, senior analyst at Rystad.
Dresden-based Solarwatt is carrying 6 to 9 months of. stocks, up from around 6 weeks, its chief executive Detlef. Neuhaus told in March.
The company laid off around 10% of its employees last year. and says its regional panel production is running at approximately. one-third of capability.
This industry is so crucial for the future, we can not. permit that we are losing all our skills, stated Neuhaus.
Analysts say it's unclear what support could actually. assistance, since companies like Meyer Burger produce a fraction of the. volumes made by those in China, or prepared in the U.S.
They are tiny, so they will always have problem with volume,. not just to take on Chinese producers but also with U.S. manufacturers, said Eugen Perger, senior analyst at Research study. Partners AG.
And regional clean innovation markets are so worldwide. intertwined it's tough for European manufacturers to envision a. totally independent supply chain.
Norway-based NorSun, which produces solar wafers-- thin. silicon movie utilized in panels-- stated Chinese devices is vital. to both its plant in Norway and a proposed facility in the U.S . The company has halted production at the Norway plant while it. chooses whether to upgrade it.
Most of the devices for either project would need to come. from China. There's essentially no other option, said Carsten. Rohr, primary commercial officer at NorSun.
DEJA VU
Freiberg has been here before. Considering that the 1990s, companies. setting up operations in the area have actually taken advantage of federal. funding programs to restore east Germany and help it close the. gap with western Germany's success.
New markets sprang up, including in solar and. semiconductors. Freiberg took a big hit in the 2010s after. China's solar market increased production and undercut. competitors.
In 2020, the German federal government eliminated a cap on aids. for solar power installations which helped lift demand. In 2021,. the EU's Green Offer signified political support for future. need, and Russia's full intrusion of Ukraine likewise helped solar. release.
Meyer Hamburger, which is headquartered in Gwatt, Switzerland,. only set up production in Freiberg in 2021 as the market. began coming back to life. It refurbished an insolvent solar. business's plant that had stood unused for nearly three years.
For a while it became one of the town's largest employers,. mayor Sven Krueger verified.
This is the second time the German solar industry is at. danger. They stopped working once currently, said apprentice Max Lange, 19,. welcoming coworkers with a silent nod as they cleaned idled. equipment on the factory floor.
If it stops working again, I doubt that I will be able to pursue a. profession in the European solar industry, due to the fact that I do not think it. will come back, he said, wondering aloud if he may instead. find work in the U.S. solar market.
(source: Reuters)