Recording date: 13th July 2023

What’s been happening

We will soon have two US-listed SMR developers.  Oklo, an Advanced Fission Technology Company announced they will Go Public via a Merger with AltC Acquisition Corp. a special purpose acquisition company chaired by Sam Altman. The combined company will operate as Oklo and is expected to be listed on the New York Stock Exchange under the ticker “OKLO.”

The West has received its first boost in enrichment capacity after Urenco approved an investment to expand enrichment capacity by 0.7M SWU at their US site in New Mexico.

Closer to home (for Bannerman, at least) Rossing Uranium mine in Namibia announced that they would be switching to contract mining rather than owner operator, as part of its plan to extend production out to 2036. Beifang Mining Technology Services Namibia, will start mining Rossing Phase 4 in 2027.  Approximately 400 employees will need to find work with the new mining contractor or other mines.

Winner of the week 

Lotus Resources & A-Cap Energy have agreed to merge via a Scheme of Arrangement, under which Lotus will acquire 100% of A-Cap Shares. A-Cap shareholders will receive 1 new Lotus Share for every 3.54 A-Cap shares held on the Scheme record date. The merger combines two uranium projects both located in Africa – a production-ready asset, Kayelekera, with future large-scale growth asset, Letlhakane.

Bungle of the week

The Bungle this week is a collective award to the various parties around the world who are gaining leverage by serving up anti-science fear about the release of Tritium water from Fukushima.  This ranges from the usual tired old suspects (anti-nuclear types who long ago forewent any respect for science) to Korean trade unionists. 

This is despite an IAEA safety review concluding that Japan’s plan to release treated water stored at the Fukushima Daiichi nuclear power station into the sea are consistent with IAEA Safety Standards.

However, there is a serious side to this bungle as the hysteria may be used as a diplomatic tool by the Chinese, who are not terribly comfortable with the warming of diplomatic relations between Seoul and Tokyo.

Question of the week

‘What do you make of CNUC going back into Niger?’

Tweet of the week

https://twitter.com/fuecks/status/1678349409157775360?s=20

The English translation of his thread follows:

Dear people, I was a (rather active) nuclear opponent for decades. Now it's time to take note of a few facts: No other country shut down its nuclear power plants prematurely in the middle of the climate and energy crisis. The trend is towards extending the term./2

Numerous industrialized countries see nuclear power & renewables as complementary. Massive investments are again being made in R&D for the further development of nuclear energy. Whether this will lead to a new wave of investment remains to be seen. /3

There are still good reasons to decide against nuclear power. But this path is also associated with high costs and risks. Instead of praying down old certainties, we should re-evaluate things. The head is round so that thinking can change direction. /4

Addendum: I am well aware that the share of nuclear power in global electricity production is falling while the expansion of renewable energy is growing exponentially. Nevertheless, in view of climate change, we chose the wrong order with "nuclear phase-out first". /5

The primary goal must be to phase out coal, oil and natural gas. What complementary role nuclear energy will play in a climate-neutral energy system is an open question. In the EU + other industrialized countries, a combination of sun, wind, hydropower + nuclear power is emerging. /6

Moonshots & Fizzers

Will Canada become global leaders in Nuclear Energy? 

In the latest pro-nuclear development in Canada, the Ontario government announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site.  It intends to create the largest nuclear power plant in the world with the addition of up to 4.8GWe to the plant’s already installed 6.2GWe capacity.

For the record, Canada is already a leader in many respects.  The only risk of a fizzer is from a relatively similar country and economy that seems to be going in precisely the opposite direction: Australia.