Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Nuclear fuel supplier Centrus Energy said on Monday it has received a notice from Russia’s TENEX that its government passed an order, which canceled its licence to export low-enriched uranium to the US, effective through Dec. 31, 2025.
Shares of Centrus were down 4.3% at $73.14 in trading after the bell.
Russia, the world’s largest supplier of enriched uranium, said last week it had imposed temporary restrictions on the fuel’s export to the United States, a symbolic tit-for-tat move after the US banned Russian uranium imports.
TENEX is required to obtain a specific export licence from the Russian authorities to make each of the remaining 2024 shipments of low-enriched uranium to Centrus and for shipments in 2025.
Centrus said TENEX is seeking the necessary export licences, in a timely manner. But there is no certainty whether they will be issued by the Russian authorities and if issued, whether they will be in a timely manner, it said.
If TENEX is unable to secure export licences, it would affect Centrus’ ability to meet delivery obligations to customers, it said.
(By Tanay Dhumal; Editing by Shilpi Majumdar)
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