最新ニュース Global X Uranium ETF (ARCA:URA)

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The Fund invests at least 80% of its total assets in the securities of the Solactive Global Uranium & Nuclear Components Total Return Index (Underlying Index) and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the Underlying Index. The Fund also invests at least 80% of its total assets in securities of companies that are active in some aspect of the uranium industry such as mining, refining, exploration, manufacturing of equipment for the uranium industry, technologies related to the uranium industry or the production of nuclear components, as well as investment trusts whose primary purpose is to provide exposure to physical uranium, and companies which primary business is the production/development of nuclear reactors and associated technology. The Fund may also invest in companies that do not derive a significant percentage of revenues from activities related to the uranium industry, but generate large absolute revenues from the uranium industry (in particular, uranium mining, exploration for uranium, physical uranium investments, technologies related to the uranium industry, or the production of nuclear components). The Fund's 80% investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).

Cameco Corp

Paladin Energy Ltd Common Stock

Nac Kazatomprom Jsc

Uranium Energy Corp

Mitsubishi Heavy

Oklo Inc.

NAC KAZATOG-REGS

Nuscale Power Corp.

Centrus Energy Corp. Class A

Hyundai Eng&cons

Sibanye Stillwater Ltd

Global X Uranium ETF

Direxion Shares ETF Trust Direxion Daily Uranium Industry Bull 2X Shares

United Rail Inc

Themes ETF Trust Themes Uranium & Nuclear ETF

INTL PROSPECT VENTURS LTD by International Prospect Ventures Ltd.

International Prospect Ventures Ltd

Tidal Trust II Defiance Daily Target 2x Long Uranium ETF

<a href="https://www.c-span.org/event/public-affairs-event/vice-president-vance-remarks-at-munich-leaders-meeting-in-washington-dc/433043">https://www.c-span.org/event/public-affairs-event/vice-president-vance-remarks-at-munich-leaders-meeting-in-washington-dc/433043</a>

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General

U.S. Vice President Vance Says We Think There Is A Deal That Would Reintegrate Iran Into Global Economy

<a href="https://asia.nikkei.com/Business/Energy/Mitsubishi-Heavy-talks-to-200-suppliers-to-rebuild-Japan-nuclear-reactors">https://asia.nikkei.com/Business/Energy/Mitsubishi-Heavy-talks-to-200-suppliers-to-rebuild-Japan-nuclear-reactors</a>

'Mitsubishi Heavy talks to 200 suppliers to rebuild Japan nuclear reactors'- Nikkei Asia

<a href="https://www.axios.com/pro/energy-policy/2025/05/06/scoop-white-house-seeks-to-hasten-nuclear-deployment">https://www.axios.com/pro/energy-policy/2025/05/06/scoop-white-house-seeks-to-hasten-nuclear-deployment</a>

'White House seeks to hasten nuclear deployment'- Axios

<a href="https://english.news.cn/20250429/fdb6c485c3b54cb3aa483f9e903b4ba6/c.html">https://english.news.cn/20250429/fdb6c485c3b54cb3aa483f9e903b4ba6/c.html</a>

'Iran says uranium enrichment, sanctions relief non-negotiable demands in talks with U.S.'-XINHUA

After a breakthrough in early 2024, when uranium prices surged above $100 per pound, the market experienced consolidation in late 2024, with prices stabilizing around $75–$80 per pound.
However, nuclear energy's role as a zero-carbon alternative drives the need for more uranium, pushing governments and businesses to prioritize <a target="_blank" href="https://www.benzinga.com/topic/uranium" rel="noreferrer noopener">nuclear energy sources</a>.
As uranium prices rallied to levels not seen since 2011, companies sought to secure resources and expand production capabilities. Paladin Energy's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PALAF#OTC">PALAF</a>) $846 million <a target="_blank" href="https://www.benzinga.com/government/24/10/41151688/paladins-846m-fission-uranium-deal-draws-scrutiny-as-canadian-regulators-flag-foreign-investments" rel="noreferrer noopener">acquisition of </a><a target="_blank" href="https://www.benzinga.com/government/24/10/41151688/paladins-846m-fission-uranium-deal-draws-scrutiny-as-canadian-regulators-flag-foreign-investments" rel="noreferrer noopener">Fission Uranium</a> strengthened its position in Saskatchewan, Canada's top uranium-producing province. Paladin also successfully restarted its Langer Heinrich mine in Namibia, achieving commercial production.
Other significant deals included IsoEnergy's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ISENF#OTC">ISENF</a>) acquisition of Anfield Energy, which expanded its uranium reserves to 17 million pounds of measured and indicated resources, positioning the company as a key player in the U.S. market. Additionally, Uranium Energy Corp. resumed operations at its Willow Creek project in Wyoming.
Geopolitical tensions have significantly influenced the uranium market, particularly with the U.S. banning Russian uranium imports. However, reports suggest that China might have been facilitating the sale of Russian uranium to bypass sanctions.
"China is selling enriched uranium to the U.S. that's actually Russian-enriched uranium — but (China) owns it," Chris Temple, a principal analyst at The National Investor, <a target="_blank" href="https://www.youtube.com/watch?v=IG3rh60KKf0" rel="noreferrer noopener">said</a>. "It's the same as when China goes and sets up a car factory in Mexico, and Mexico sells the cars to the U.S."
Among alternatives, the African continent, which holds 20% of global uranium reserves, according to the World Nuclear Association, is also gaining attention. However, resource nationalism in countries like Niger and Mali raises risks for uranium projects in the region, prompting companies to focus on stable jurisdictions like Canada and <a target="_blank" href="https://www.benzinga.com/news/global/24/12/42482377/australian-opposition-goes-nuclear-211-billion-plan-could-open-doors-for-uranium-miners" rel="noreferrer noopener">Australia</a>.
Companies like Cameco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>) are already ramping up production, with plans to increase output at its McArthur River mine to 25 million pounds annually. Similarly, France has injected $310 million into a state-owned miner, Orano, to revitalize its uranium industry, while Brazil is partnering with mining firms to revive domestic production.
Although a recent DeepSeek disruption caused a dip below $70 per pound, analysts remain unfazed and tout a long-term positive outlook.
"Despite a negative shift in AI sentiment, our reactor demand outlook remains unchanged out through 2030, underpinned by significant growth from ongoing reactor builds in China," George Heppel, BMO Capital Markets senior analyst, wrote <a target="_blank" href="https://dig.watch/updates/deepseek-also-triggered-drop-of-uranium" rel="noreferrer noopener">per</a> DW's report.
Price Watch: Sprott Uranium Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URNM#NYSE">URNM</a>) has gained 3.40% year-to-date, while the Global X Uranium ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URA#NYSE">URA</a>) is up 5.70%.&nbsp;
Read Next:
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<li><a href="https://www.benzinga.com/news/guidance/25/01/43300866/vale-targets-stable-iron-ore-output-despite-industry-concerns" target="_blank" rel="noreferrer noopener">Vale Targets Stable Iron Ore Output Despite Industry Concerns</a></li>
</ul>
Photo via Shutterstock

Commodities

Markets

ISENF

PALAF

URNM

Uranium Sector Heating Up In 2025 Despite A DeepSeek Cooldown

SMR Alliance example of nuclear power development in EU
Government officials say funding available for nuclear energy
<a href="https://www.spglobal.com/commodity-insights/en/news-research/latest-news/electric-power/122624-eu-moving-to-develop-infrastructure-for-nuclear-energy-expansion-officials" title="https://www.spglobal.com/commodity-insights/en/news-research/latest-news/electric-power/122624-eu-moving-to-develop-infrastructure-for-nuclear-energy-expansion-officials">https://www.spglobal.com/commodity-insights/en/news-research/latest-news/electric-power/122624-eu-moving-to-develop-infrastructure-for-nuclear-energy-expansion-officials</a>

Macro Notification

'EU moving to develop infrastructure for nuclear energy expansion: officials' - S&P Global

-Reuters Citing Report
-Reuters Citing Report

ACES

FSLR

RAYS

TSLA

U.S. Data Center Power Use Could Account For As Much As 12% Of Total U.S Electricity Consumption; Data Center Power Demand Could Nearly Triple By 2028

Nuclear stocks are trading lower across the board on Monday after regulators rejected Talen Energy Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLN#NASDAQ">TLN</a>) plans to increase power for an Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) <a href="https://www.benzinga.com/pressreleases/24/11/g41704326/talen-energy-statement-on-ferc-order-rejecting-susquehanna-isa">data center</a>. 
What Happened: The Federal Energy Regulatory Commission (FERC) on Friday rejected Talen Energy&#8217;s request to increase how much power its Susquehanna nuclear plant in Pennsylvania can provide to Amazon Web Services.
According to a CNBC <a href="https://www.cnbc.com/2024/11/04/tech-partnerships-with-power-companies-for-ai-in-doubt-after-ferc-order.html">report</a>, Talen Energy sold a data center campus to Amazon in March for $650 million. The company had filed a request to increase the power dispatched to the facility from 300 megawatts to 480 megawatts, but FERC shot it down, saying the arrangement could have &#8220;huge ramifications&#8221; on grid reliability and consumer costs. 
Talen issued a statement in response to the order rejecting its amended plans, saying it believes FERC &#8220;erred&#8221; in its decision. The company noted that it&#8217;s evaluating its options with a focus on commercial solutions. 
&#8220;We believe this ISA amendment is just and reasonable and in the best interest of consumers. FERC&#8217;s decision will have a chilling effect on economic development in states such as Pennsylvania, Ohio, and New Jersey,&#8221; the company said in the statement.
Talen noted that the existing agreement allows for 300 MW of co-located load at Susquehanna. Despite the rejected amendment, Talen said it can still proceed with development of the first phases of the Amazon Web Services data center campus using the 300 MW while it continues to pursue approval of an amended agreement. 
See Also: <a href="https://www.benzinga.com/news/24/11/41703497/iran-flexes-nuclear-muscle-threatens-us-with-tooth-breaking-retaliation">Iran Flexes Nuclear Muscle, Threatens US With &#8216;Tooth-Breaking&#8217; Retaliation</a>
Several nuclear stocks are falling Monday after rallying over the past month. Constellation Energy Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) and Vistra Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) were down 10.5% and 2.2%, respectively, in sympathy with Talen.
Oklo Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>), which is chaired by OpenAI&#8217;s Sam Altman, has been one of the most popular nuclear plays in recent weeks. It was down 6.65% at $20.22 at the time of writing. 
Other small modular reactor (SMR) companies like NuScale Power Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) and Nano Nuclear Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>), were also trading lower, down 2.5% and 10.2%, respectively. 
Nuclear fuel names have also seen increased attention in recent weeks. Shares of uranium fuel producer Cameco Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>) were down more than 2% at the time of writing. Shares of Lightbridge Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LTBR#NASDAQ">LTBR</a>), a nuclear fuel technology company, were down 1.93% at last check. 
Shares of ASP Isotopes Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASPI#NASDAQ">ASPI</a>), which signed a deal with Bill Gates-backed <a href="https://www.benzinga.com/news/24/10/41624818/asp-isotopes-stock-is-soaring-wednesday-whats-going-on">TerraPower</a> last week and has seen increased attention across social platforms in recent weeks, were down about 14% at the time of writing. 
The VanEck Uranium And Nuclear ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLR#NYSE">NLR</a>) was down 3.22% and the Global X Uranium ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URA#NYSE">URA</a>) was down 2.37% in afternoon trading Monday.
Despite Monday&#8217;s pullback, nuclear stocks are still up significantly over the past month driven by an increased focus on nuclear from hyperscalers aiming to keep up with the rising energy demands of data centers related to the AI boom.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41719271/constellation-energy-q3-earnings-beat-revised-fy24-eps-guidance-more">Constellation Energy Q3: Earnings Beat, Revised FY24 EPS Guidance &amp; More</a></li>
</ul>
Photo: Shutterstock.

Movers

AMZN

ASPI

LTBR

OKLO

Nuclear Stocks Are Tumbling Monday: What's Going On?

<a href="https://www.energy.gov/articles/us-republic-korea-reach-provisional-agreement-nuclear-cooperation#:~:text=Consistent%20with%20the%20deep%20and,Principles%20Concerning%20Nuclear%20Exports%20and">https://www.energy.gov/articles/us-republic-korea-reach-provisional-agreement-nuclear-cooperation#:~:text=Consistent%20with%20the%20deep%20and,Principles%20Concerning%20Nuclear%20Exports%20and</a>
Consistent with the deep and longstanding relationship between the United States and the Republic of Korea, the two countries reached a significant outcome on November 1, advancing their cooperation on civil nuclear energy by initialing a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation. The United States and the Republic of Korea reaffirmed their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the highest standards of nonproliferation, safety, safeguards, and security. Toward this end, the parties strengthened their administration of export controls on civil nuclear technology. These further commitments will provide a springboard for the expansion of our bilateral work in combatting climate change, accelerating global energy transitions, and assuring critical supply chains while creating billions of dollars worth of new economic opportunities and the creation or maintenance of tens of thousands of manufacturing jobs for both of our industries. The MOU will proceed to final review in both countries' capitals.

Contracts

Global

U.S.-Republic Of Korea Reach Provisional Agreement On Nuclear Cooperation

Taiwan is "very open" to using new nuclear technology to meet surging demand from chipmakers devouring electricity in the AI boom, according to Premier Cho Jung-tai — one of the strongest signs yet that the government is rethinking its opposition to reactors.
&nbsp;
<a href="https://www.bloomberg.com/news/articles/2024-10-20/taiwan-signals-openness-to-nuclear-power-amid-surging-ai-demand" title="https://www.bloomberg.com/news/articles/2024-10-20/taiwan-signals-openness-to-nuclear-power-amid-surging-ai-demand">https://www.bloomberg.com/news/articles/2024-10-20/taiwan-signals-openness-to-nuclear-power-amid-surging-ai-demand</a>

Reported October 20: 'Taiwan Signals Openness to Nuclear Power Amid Surging AI Demand' - Bloomberg

Russian Foreign Ministry Says It Sees No Point To Nuclear Talks With U.S. Given Washington's Stance On Nato Expansion

<a href="https://www.barrons.com/articles/amd-amazon-spotify-tech-stocks-3f3f7fc9" title="https://www.barrons.com/articles/amd-amazon-spotify-tech-stocks-3f3f7fc9">https://www.barrons.com/articles/amd-amazon-spotify-tech-stocks-3f3f7fc9</a>

ORCL

'Oracle's Larry Ellison Sees $100B AI Boom Powered By Nuclear Energy' - Barron's

A decommissioned nuclear power plant in Michigan is being brought back to life.
Pushed by a growing need for carbon-free energy, the Palisades nuclear power plant will be the first in the U.S. to be recommissioned after shutting down.
The Palisades plant was built in the late 1960s and began running in 1973. It was purchased in 2006 by Louisiana-based electricity producer Entergy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>), which ran it until 2022.
Although the plant had a license extension that allowed it to be active until 2031, Entergy chose to shut it down, citing the high costs associated with running a nuclear power plant.
The plant was sold to nuclear equipment provider Holtec International, which was in charge of taking the plant out of commission.
In 2022, Holtec announced plans to re-open the facility, something that has never been done before in the U.S.
This year, the U.S. Department of Energy announced a commitment of $1.52 billion in loans to finance the restoration and resumption of service of the plant in the hands of Holtec.
According to a WSJ <a href="https://www.wsj.com/business/energy-oil/biden-nuclear-power-plant-loan-michigan-eee64904?mod=hp_lead_pos7">report</a>, the company is now working on restoring the facility to modern-day standards. The plant will be back online by October 2025, according to the company's plans.
<h3 class="wp-block-heading">Nuclear Gets Revamped&nbsp;</h3>
A growing need for electricity is behind the renewed interest in nuclear energy.
In a recent interview with Elon Musk, former President Donald Trump <a href="https://www.benzinga.com/news/24/08/40329545/trump-left-shocked-by-power-hungry-ai-tells-elon-musk-requires-twice-the-energy-that-the-country-alr">expressed shock at the amount of electricity required</a> to fuel artificial intelligence systems.
The AI revolution is<a href="https://www.benzinga.com/markets/equities/24/06/39489296/as-the-ai-race-rages-on-depletion-of-energy-and-water-resources-poses-a-new-threat"> doubling demand for data center power</a> and will eventually consume <a href="https://www.benzinga.com/markets/asia/24/04/38163078/ai-could-consume-25-of-us-power-by-2030-the-more-information-they-gather-the-more-power-it-takes-war">25% of all U.S. power </a>by 2030, according to Arm Holdings PLC &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) CEO Rene Haas.
<a href="https://www.goldmansachs.com/insights/articles/AI-poised-to-drive-160-increase-in-power-demand">According</a> to Goldman Sachs, data centers will use 8% of U.S. power by 2030, up from 3% in 2022.
Former Microsoft CEO Bill Gates recently said to <a href="https://www.benzinga.com/news/24/06/39543587/bill-gates-dismisses-concerns-that-big-techs-investment-in-power-hungry-ai-says-it-will-ultimately-o">"not go overboard" with panic over energy-hungry AI systems</a>, as investment from Big Tech companies into clean energy might help boost the shift toward green energy production.
Read Also: <a href="https://www.benzinga.com//node/40409572">Nvidia AI Dominance Challenged By Asian Startups Betting On Energy-Efficient And Cost-Effective Silicon — &#8216;Inference&#8217; And &#8216;Training&#8217; Chips Emerge As Key Focus</a>
The Biden administration has placed a high bet on the ability of nuclear power to free the country from its dependency on fossil fuels to produce energy.&nbsp;
Fossil fuels account for 60% of U.S. electricity production, according to the Energy information Administration.
The Biden White House has set the goal of having a zero-emission power grid by 2035 and has included several tax credits and other incentives for nuclear within the <a href="https://www.benzinga.com/topic/inflation-reduction-act">Inflation Reduction Act of 2022</a>.
The government recently set-up <a href="https://www.benzinga.com/government/24/06/39553699/us-to-invest-2-7b-in-domestic-uranium-cutting-reliance-on-russia">a $2.7-billion investment in U.S.-made uranium</a> to decrease dependency on Russian imports.
Interest in nuclear power dropped as fracking practices opened the floodgates for cheap natural gas, which lowered the cost of burning gas to produce electricity.
Isolated nuclear plant accidents helped strengthen public rejection of the technology. These include the meltdown of the Three Mile Island reactor in 1979, the Chernobyl disaster in 1986 in Ukraine and the Fukushima accident in Japan in 2011.
High construction costs and continuing concerns regarding the storage of nuclear waste continued to weigh against the development of new nuclear energy projects in recent decades.
<h3 class="wp-block-heading">New Projects Come Online</h3>
The nuclear sector might be getting a new push. A Pew Research Center <a href="https://www.pewresearch.org/short-reads/2024/08/05/majority-of-americans-support-more-nuclear-power-in-the-country/">survey</a> from May of this year found that support for nuclear power in the U.S. has grown consistently throughout the last 10 years. 
Today, 56% of U.S. adults support the development of nuclear energy projects.
The U.S. has 94 active nuclear reactors, down from a peak of 111 in the late 1990s. These exist in 54 nuclear power plants in 28 states.
The two newest reactors launched commercial operations in 2023 and 2024 at the Alvin W. Vogtle Electric Generating Plant in Georgia. They're operated by Southern Nuclear, a subsidiary of Southern Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>).
The two reactors cost $35 billion to build, <a href="https://www.eenews.net/articles/after-vogtle-whats-next-for-nuclear/">according</a> to E&amp;E News.
Some companies working on advanced reactor designs are looking to obtain licenses from the Nuclear Regulatory Commission to build new reactors.
Nuscale Power Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>), a company developing small modular reactors, canceled its project to build a six-reactor, 462-megawatt plant in Utah in 2023 after several municipalities pulled out due to high construction costs, Reuters reported.
The company is expecting to deploy two dozen small modular reactors for plants in Ohio and Pennsylvania, per E&amp;E News.
Other companies are developing new projects that still need demonstrations to become mainstream technology.
Kairos Power is developing a test reactor in Oak Ridge, Tennessee to test its fluoride salt-cooled, high temperature reactor technology. The company has received a $303-million pledge from the Department of Energy to complete this project.
Earlier this month, TerraPower, a company founded by Bill Gates, <a href="https://www.benzinga.com/news/24/06/39263769/bill-gates-terrapower-ventures-into-advanced-nuclear-plant-construction-aiming-to-combat-climate-cri">started building its first advanced reactor in Wyoming</a>, which, like Kairos', doesn't use water for cooling.
ETFs To Watch
<ul>
<li>The VanEck Uranium and Nuclear Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLR#NYSE">NLR</a>) which follows the nuclear power sector, gained 0.21% Tuesday and is up 2.4% in the last five trading days.</li>
</ul>
<ul>
<li>Global X Uranium ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URA#NYSE">URA</a>), following the global uranium market, is up 4.3% in the last five trading days.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39755062/nano-nuclears-18m-upsized-offering-eyes-funding-for-advanced-micro-nuclear-reactor-designs">Nano Nuclear&#8217;s $18M Upsized Offering: Eyes Funding for Advanced Micro Nuclear Reactor Designs</a></li>
</ul>
Palisades Nuclear Plant photo via Nuclear Regulatory Commission.

Power-Hungry AI Revives Interest In Nuclear Energy: Michigan To Reopen Closed Plant For First Time In History

<a href="https://www.nytimes.com/2024/08/20/us/politics/biden-nuclear-china-russia.html">https://www.nytimes.com/2024/08/20/us/politics/biden-nuclear-china-russia.html</a>
President Biden approved in March a highly classified nuclear strategic plan for the United States that, for the first time, reorients America's deterrent strategy to focus on China's rapid expansion in its nuclear arsenal.
The shift comes as the Pentagon believes China's stockpiles will rival the size and diversity of the United States' and Russia's over the next decade.
The White House never announced that Mr. Biden had approved the revised strategy, called the "Nuclear Employment Guidance," which also seeks, for the first time, to prepare the United States for possible coordinated nuclear challenges from China, Russia and North Korea. The document, updated every four years or so, is so highly classified that there are no electronic copies, only a small number of hard copies distributed to a select few national security officials and Pentagon commanders.
But in recent speeches, two senior administration officials were allowed to allude to the change — in carefully constrained, single sentences — ahead of a more detailed, unclassified notification to Congress expected before Mr. Biden leaves office.
&nbsp;
"The president recently issued updated nuclear-weapons employment guidance to account for multiple nuclear-armed adversaries," Vipin Narang, an M.I.T. nuclear strategist who served in the Pentagon, said earlier this month before returning to academia. "And in particular," he added, the weapons guidance accounted for "the significant increase in the size and diversity" of China's nuclear arsenal.
In June, the National Security Council's senior director for arms control and nonproliferation, Pranay Vaddi, also <a href="https://www.nytimes.com/2024/06/07/us/politics/us-nuclear-russia-china.html">referred to the document</a>, the first to examine in detail whether the United States is prepared to respond to nuclear crises that break out simultaneously or sequentially, with a combination of nuclear and nonnuclear weapons.
The new strategy, Mr. Vaddi said, emphasizes "the need to deter Russia, the PRC, and North Korea simultaneously," using the acronym for the People's Republic of China.
In the past, the likelihood that American adversaries could coordinate nuclear threats to outmaneuver the American nuclear arsenal seemed remote. But the emerging partnership between Russia and China, and the conventional arms North Korea and Iran are providing to Russia for the war in Ukraine have fundamentally changed Washington's thinking.
Already, Russia and China are <a href="https://www.nytimes.com/2024/08/13/world/asia/china-russia-military-patrols.html">conducting military exercises together</a>. Intelligence agencies are trying to determine whether Russia <a href="https://www.nytimes.com/2024/06/20/world/asia/russia-korea-defense-asia.html">is aiding the North Korean and Iranian missile programs in return</a>.
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The new document is a stark reminder that whoever is sworn in next Jan. 20 will confront a changed and far more volatile nuclear landscape than the one that existed just three years ago. President Vladimir V. Putin of Russia has repeatedly threatened the use of nuclear weapons against Ukraine, including during a crisis in October 2022, when Mr. Biden and his aides, looking at intercepts of conversations between senior Russian commanders, feared the <a href="https://www.nytimes.com/2024/03/09/us/politics/biden-nuclear-russia-ukraine.html">likelihood of nuclear use</a> might rise to 50 percent or even higher.
Mr. Biden, along with leaders of Germany and Britain, got China and India to make public statements that there was no role for the use of nuclear weapons in Ukraine, and the crisis abated, at least temporarily.
"It was an important moment," Richard N. Haass, a former senior State Department and National Security Council official for several Republican presidents, and the president emeritus of the Council on Foreign Relations, noted in an interview. "We are dealing with a Russia that is radicalized, the idea that nukes wouldn't be used in a conventional conflict is not longer a safe assumption."
The second big change arises from China's nuclear ambitions. The country's nuclear expansion is running at an even faster pace than American intelligence officials anticipated two years ago, driven by President Xi Jinping's determination to scrap the decades-long strategy of maintaining a "minimum deterrent" to reach or exceed the size of Washington's and Moscow's arsenals. China's nuclear complex is now the fastest-growing in the world.
Although former President Donald J. Trump confidently predicted that Kim Jong-un, the North Korean leader, would surrender his nuclear weapons after their three in-person meetings, the opposite happened. Mr. Kim has doubled down, and now has more than 60 weapons, officials estimate, and the fuel for many more.
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That expansion has changed the nature of the North Korean challenge: When it possessed just a handful of weapons, it could be deterred by missile defenses. But its expanded arsenal is fast approaching the size of Pakistan's and Israel's, and it is large enough that it could, in theory, coordinate threats with Moscow and Beijing.
It was only a matter of time before a fundamentally different nuclear environment began to alter American war plans and strategy, officials say.
"It is our responsibility to see the world as it is, not as we hoped or wished it would be," Mr. Narang said as he was leaving the Pentagon. "It is possible that we will one day look back and see the quarter century after the Cold War as nuclear intermission."
The new challenge is "the real possibility of collaboration and even collusion between our nuclear-armed adversaries," he said.
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So far in the presidential campaign, the new challenges to American nuclear strategy have not been a topic of debate. Mr. Biden, who spent much of his political career as an advocate of nuclear nonproliferation, has never publicly talked in any detail about how he is responding to the challenges of deterring China's and North Korea's expanded forces. Nor has Vice President Kamala Harris, now the Democratic Party's nominee.
At his <a href="https://www.nytimes.com/2024/07/16/insider/biden-news-conference-reporter-sanger.html">last news conference in July</a>, just days before he announced he would no longer seek the Democratic nomination for a second term, Mr. Biden acknowledged that he had adopted a policy of seeking ways to interfere in the broader China-Russia partnership.
"Yes, I do, but I'm not prepared to talk about the detail of it in public," Mr. Biden said. He made no reference to — and was not asked about — how that partnership was altering American nuclear strategy.
Since Harry Truman's presidency, that strategy has been overwhelmingly focused on the arsenal that Russia inherited from the collapsed Soviet Union. Mr. Biden's new guidance suggests how quickly that is shifting.
China was mentioned in the last nuclear guidance, issued at the end of the Trump administration, according to an unclassified account provided to Congress in 2020. But that was before the scope of Mr. Xi's ambitions were understood.
&nbsp;
The Biden strategy sharpens that focus to reflect <a href="https://www.nytimes.com/2024/02/04/world/asia/china-nuclear-missiles.html">the Pentagon's estimates that</a> China's nuclear force would expand to 1,000 by 2030 and 1,500 by 2035, roughly the numbers that the United States and Russia now deploy. In fact, Beijing now appears ahead of that schedule, officials say, and has begun loading nuclear missiles into new silo fields that were spotted by commercial satellites three years ago.
There is another concern about Beijing: It has now halted a short-lived conversation with the United States about improving nuclear safety and security — for example, by agreeing to warn each other of impending missile tests, or setting up hotlines or other means of communication to assure that incidents or accidents do not escalate into nuclear encounters.
One discussion between the two countries took place late last fall, just before Mr. Biden and Mr. Xi met in California, where they sought to repair relations between the two countries. They referred to those talks in a joint statement, but by that time the Chinese had already hinted they were not interested in further discussions, and earlier this summer said the conversations were over. They cited American arms sales to Taiwan, which were underway long before the nuclear safety conversations began.
Mallory Stewart, the assistant secretary for arms control, deterrence and stability at the State Department, said in an interview that the Chinese government is "actively preventing us from having conversations about the risks."
Instead, she said, Beijing "seems to be taking a page out of Russia's playbook that, until we address tensions and challenges in our bilateral relationship, they will choose not to continue our arms control, risk reduction, and nonproliferation conversations."
It was in China's interest, she argued, "to prevent these risks of miscalculation and misunderstanding."
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"Biden Approved Secret Nuclear Strategy Refocusing On Chinese Threat; In A Classified Document Approved In March, The President Ordered U.s. Forces To Prepare For Possible Coordinated Nuclear Confrontations With Russia, China And North Korea" - NYT

Uranium explorers are calling on Western Australian authorities to lift the ban on uranium mining to capitalize on rising global demand and prices. Australia holds nearly a third of the world's known uranium reserves, yet only two out of its eight states and territories, South Australia and the Northern Territory, permit <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">mining</a>.
Uranium prices have surged, driven by the global shift toward nuclear energy as part of the energy transition. This rise in demand is essential for meeting decarbonization goals, with many countries planning to increase their nuclear energy capacity significantly.
Still, Australia has only two operating projects, producing a fraction of its capabilities and potentially missing export opportunities.
"The bans in some states like Western Australia, which is known for its mining history, are nonsensical and leave the nation at risk of missing out on soaring global demand. The time is now to remove these bans — there's a real economic cost to not doing it, "Jonathan Fisher, CEO of Cauldron Energy (OTCPK: CAULF), a uranium explorer, said <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-05/uranium-miners-say-australia-to-miss-out-on-boom-in-nuclear-fuel" rel="noreferrer noopener">for</a> Bloomberg.
Now read: <a target="_blank" href="https://www.benzinga.com/news/24/07/40044763/uranium-prices-surge-to-16-year-highs-due-to-supply-uncertainties-rising-demand-for-ai-data-centers" rel="noreferrer noopener">Uranium Prices Surge To 16-Year Highs Due To Supply Uncertainties, Rising Demand For AI Data Centers</a>
In addition to environmental concerns, Australia has a complex cultural heritage situation, as evidenced by the recent ban on mining at the Jabiluka site.
Discovered in the early 1970s, this high-grade uranium deposit has been at the center of legal and cultural disputes between Indigenous custodians and mining companies. The government recently <a target="_blank" href="https://www.minister.industry.gov.au/ministers/king/media-releases/work-begins-add-jabiluka-site-kakadu-national-park" rel="noreferrer noopener">extended</a> the Kakadu National Park to include Jabiluka, prohibiting further mining activities.
Despite environmental concerns lingering from past incidents like the Chornobyl and Fukushima disasters and the ongoing cleanup from toxic leaks at the Ranger project in the Northern Territory, the industry argues that modern regulations and technologies can mitigate such risks.
The country's two operating uranium mines, BHP Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) Olympic Dam and Boss Energy's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BQSSF#OTC">BQSSF</a>) Honeymoon project, contribute around 9% of the world's uranium supply.
The rising uranium prices, currently above $80 per pound, show the potential economic benefits of lifting the ban.
"Country after country has declared renewables aren't going to achieve their targets, and that nuclear will be a big component to reach net zero," said John Borshoff, CEO of uranium explorer Deep Yellow (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DYLLF#OTC">DYLLF</a>) which has the Mulga Rock project in Western Australia.
The Chamber of Commerce and Industry of Western Australia (CCIWA) supports lifting the ban. Earlier this year, they published a <a target="_blank" href="https://cciwa.com/business-pulse/uranium-mining-worth-1b-and-9000-jobs-cciwa-report/" rel="noreferrer noopener">study</a> estimating that lifting the ban could generate $1 billion and create 9,000 jobs.
Also read:
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<li><a href="https://www.benzinga.com/government/24/08/40163564/deep-sea-mining-hits-breaks-as-carvalho-takes-isa-leadership" target="_blank" rel="noreferrer noopener">Deep Sea Mining Hits Breaks As Carvalho Takes ISA Leadership</a></li>
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Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
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Uranium Explorers Call For Lifting Mining Ban In Western Australia, Target $1B In Exports

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US Starts Accepting Bids For $2.7B In Uranium Purchases

NATO's Stoltenberg Says China Heavily Modernizing Its Nuclear Capabilities

NATO's Stoltenberg Says U.S. Modernizing Nuclear Weapons In Europe

Source: <a href="https://www.streetwisereports.com/article/2024/06/03/nuclear-power-renaissance-runs-parallel-to-us-russia-race-for-geopolitical-influence.html?utm_medium=feed">McAlinden Research 06/03/2024</a>
As nuclear power facilities and uranium become deeply involved in the struggle for global influence, McAlinden Research examines how this may impact global uranium supply and uranium ETFs.
The nuclear power renaissance that has been unfolding throughout the world for several years is now blooming a new race for influence in deploying a crop of new reactors across the world. Though a renewed interest in nuclear power stretches back beyond the initiation of Russia&#39;s formal invasion of Ukraine in February 2022, this event sent shockwaves across global energy markets and reshaped global shipments of oil and natural gas. Not only did it serve as a stark reminder of how significant nuclear power can be in bolstering power grids in the face of geopolitical upheaval, but it has gradually frozen the flow of energy products from Russia to the West. Though it has taken longer to reach uranium than other commodities, the building East-West tensions are beginning to envelop the yellow metal as well.
Last month, President Biden signed The Prohibiting Russian Uranium Imports Act, which will initiate the phase-in of a ban on the import of Russian Uranium to the U.S. Though some waivers will be available until 2028, the ban will then be in full effect until 2040. MRP first highlighted the progress of this legislation last August, before it had even been passed by the House of Representatives.
We, The U.S., relied on Russian supplies for about 24% of its enriched uranium demand in 2022 &mdash; making it the U.S.&#39;s top foreign supplier for the year. Part of that is simply due to the scale of Russia&#39;s state-owned uranium giant, Rosatom, which claims to lead the world in uranium enrichment and rank third in uranium production and fuel fabrication. The White House had previously rolled out a spate of sanctions against Rosatom subsidiaries, but this appears to have done little to halt imports of Russian uranium thus far.
In 2023 alone, the U.S. nuclear industry paid over $800 million to Rosatom and its fuel subsidiaries. The bill also unlocked $2.7 billion in repurposed funding for domestic production of high-assay, low-enriched uranium (HALEU), which was contingent upon the U.S. federal government instituting their new ban on Russian uranium imports. Russia is currently the sole commercial supplier of HALEU, which will be critical to operating the next generation of small modular reactors, but U.S. firms are now having success in deploying small batches of their own supply.
Just weeks after Biden inked his signature on the import ban, Russia took the unprecedented step of signing on with Uzbekistan to assist in building Central Asia&#39;s first operational nuclear power plant last week. Uzbekistan and its neighbor Kazakhstan have served as critical miners and exporters of the yellow metal for many years but have not had access to their own facilities to utilize refined fuels derived from uranium &mdash; aside from a prototype in the latter nation, which was shuttered in 1999. Kazakhstan may revive nuclear power in the nation with the eventual construction of its own power plant, but such a move will be subject to a coming referendum that has not yet been given a date.
Despite the country being home to massive deposits of uranium, as well as the world&#39;s single largest producer of natural uranium in Kazatomprom (OTC: <a class="ticker" href="https://www.benzinga.com/stock/natky#OTC">NATKY</a>), there is some lingering ambivalence among the populace toward nuclear power due to hundreds of Soviet-era nuclear weapons tests taking place in the country over a period of four decades with little regard for local populations and ecology.
Russian President Putin said Moscow would dedicate $400 million to a joint investment fund of $500 million to finance projects in Uzbekistan. This program follows the initiation of Russian gas flows from state-owned Gazprom to sites in Uzbekistan last year and the promise of a further expansion from an annual flow of 3.8 billion cubic meters (m3) to 11.0 billion m3 by as early as next year.
More refined Russian nuclear fuel will likely be flowing to Uzbekistan alongside the deluge of natural gas. Nuclear power plants are highly specialized and complex facilities that not many companies have experience building. Smaller nations with little or no experience in this field rely on firms from larger markets that have effectively employed nuclear power and the ongoing spread of these facilities will carry with it a diplomatic edge.
As Russia&#39;s war in Ukraine has turned away buyers of its energy supplies in the West, the country&#39;s oil and gas enterprises have shifted the flow of these products to the East, specifically to China, India, and Southeast Asia. That reorientation is now expanding to Central Asia. One area of Europe where Russia has been able to maintain diplomatic leverage is on the periphery, with nations like long-time ally Belarus and Hungary &mdash; a landlocked country that cannot rely on sea-borne shipments of liquefied natural gas (LNG) and has remained more tethered to Russian pipeline gas than other regions of Europe.
These two nations just signed onto their own nuclear power-related agreement that will allow Belarus to assist in the construction of Hungary&#39;s second nuclear power plant, which has been under construction by Rosatom since 2014. Belarus&#39;s experience with similar nuclear power tech is meant to assist Hungarian efforts with personnel training and insights into the handling of radioactive waste.
The next frontier of this ongoing struggle for influence is forming in the heart of the Middle East, where Saudi Arabia has been mulling over several different bids to help it debut a civilian nuclear program in the country. That would include the construction of a nuclear power plant and, potentially, the possibility of uranium enrichment on Saudi soil.
Though the U.S. has been Saudi Arabia&#39;s preferred partner, the Kingdom&#39;s relations with the U.S. have frayed as a result of Riyadh&#39;s continued friendliness toward Moscow in spite of the latter&#39;s aggressiveness in Europe. U.S. assistance to Saudi Arabia&#39;s burgeoning nuclear program has been a fundamental component of a potential normalization of Saudi-Israeli relations for the first time ever. However, this has become a much trickier stumbling block since last autumn when Hamas&#39;s terror attack against Israel sparked the ongoing war in the Gaza Strip. The Kingdom is not totally reliant on the U.S. being its sole partner in its nuclear program, as the Saudis have fielded offers from China, France, and Russia to take part in building the prospective nuclear power station they have been planning.
One key nuclear power development that falls somewhat outside the east-west struggle for influence but provides a new landmark for the rebounding fortunes of nuclear power is Japan&#39;s looming restart of its Kashiwazaki Kariwa Nuclear Power Plant (KKNPP) &mdash; the largest in the world. Tokyo Electric Power Company Holdings Inc. started loading nuclear fuel into one of the plant&#39;s seven reactors in April, and the upcoming resurrection of KKNPP would mark the first restart of any of its nuclear reactors that were halted after a massive earthquake and tsunami in March 2011 triggered the Fukushima Daiichi nuclear disaster. Though only one death can be directly attributed to the meltdown at the Japanese power plant after it was hit by a Tsunami, the event turned much of the world off to nuclear fission more than a decade ago.
That era of anti-nuclear sentiment appears to have only recently met a symbolic end, with the release of treated irradiated water from the destroyed Fukushima plant last August.
In April 2022, MRP noted that 53% of Japanese respondents to a survey from Nikkei said nuclear reactors should restart if safety can be ensured. That marked the first time since the Fukushima disaster in 2011 that an increasing role for nuclear had been favored in the semi-regular surveys conducted by the newspaper. Along with the passage of time, rising power costs have spurred the Japanese back toward a demand for nuclear power. Just 12 of the nation&#39;s 33 operable reactors are back online after the Fukushima crisis, but a resurgence in reactor operations in Japan would provide a material increase in demand for uranium supplies.
Investors can gain exposure to uranium miners and the production of nuclear components via the Sprott Uranium Miners ETF (ARCA:URNM) and Global X Uranium ETF (ARCA:URA).
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<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
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McAlinden Research Partners Disclosures 
This report has been prepared solely for informational purposes and is not an offer to buy/sell/endorse or a solicitation of an offer to buy/sell/endorse Interests or any other security or instrument or to participate in any trading or investment strategy. No representation or warranty (express or implied) is made or can be given with respect to the sequence, accuracy, completeness, or timeliness of the information in this Report. Unless otherwise noted, all information is sourced from public data. 
McAlinden Research Partners is a division of Catalpa Capital Advisors, LLC (CCA), a Registered Investment Advisor. References to specific securities, asset classes and financial markets discussed herein are for illustrative purposes only and should not be interpreted as recommendations to purchase or sell such securities. CCA, MRP, employees and direct affiliates of the firm may or may not own any of the securities mentioned in the report at the time of publication.

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Nuclear Power Renaissance Runs Parallel to US-Russia Race for Geopolitical Influence

U.N. Atomic Agency Censures Iran Over Nuclear Activities Despite Retaliation Threat; Iran Threatens To Reduce Nuclear Program Monitoring; Washington Opposed European Push For Censure But Voted In Favor -- WSJ
<a href="https://www.wsj.com/world/middle-east/u-n-atomic-agency-censures-iran-over-nuclear-actions-despite-retaliation-threat-e09626b6?mod=latest_headlines" title="https://www.wsj.com/world/middle-east/u-n-atomic-agency-censures-iran-over-nuclear-actions-despite-retaliation-threat-e09626b6?mod=latest_headlines">https://www.wsj.com/world/middle-east/u-n-atomic-agency-censures-iran-over-nuclear-actions-despite-retaliation-threat-e09626b6?mod=latest_headlines</a>

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