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- ⛏ Oopsie Daisy, Where's The Uranium?
Greetings Speculator Contrarian,
This is The Next Big Rush, your daily drop of mining/energy investing news. Where we come together and wonder about copper supplies together. 🥸
Here's what's left:
🥾 Oopsie Daisy, Where's The Uranium?
🥾 Chaos in Peru Causes Copper Production Slump
👍🏻 Uranium Production Slashed for 2023
giphy.com
If there was ever a fear in investor’s mind that a Saudi style dumping of product in the market in order to secure market share from the world’s top uranium producer, Kazatomprom, that has been squashed.
Not only is it in the best interest of Kazatomprom to have sustainable higher prices, but the Kazakhs have not been able to increase production as previously thought.
Guidance for 2023 has been revised down some 4.5mlbs.
The many challenges they face shipping material out of a landlocked country with war-mongering neighbours and a global short supply of critical chemicals have probably not helped.
The company is the lowest cost, largest producer on the planet, with about 40% global market share.
Update!⚡️ What $KAP failed to mention in today's release was that their 2023 Outlook was for #Uranium production of 22,500-23,000tU. New Guidance of 20,500-21,500 is actually 4-5 Million lbs less than forecast, as per from Cormark analyst Nicolas Dion⤵️🗜️ h/t to @BambroughKevin
— John Quakes (@quakes99)
4:34 PM • Jan 27, 2023
☄️ Protests Halt Copper Production in Peru
Glencore’s Antapaccay copper mine in southern Peru has stopped production after protesters stormed the site, MMG’s Las Bambas has seen shipments halted by roadblocks, and others have slowed operations to conserve supplies of fuel and other inputs.
The protests began when President Pedro Castillo (you know, the man with with funny hat) was impeached after getting his hand caught in the cookie jar as he tried to dissolve congress to avoid his own impeachment after corruption allegations.
Vandals Demonstrators are calling for both interim President Dina Boluarte and congress to be replaced, with more than 50 deaths and no sign of the violence easing.
The disruption comes at a time of low global inventories and high prices, and also coincides with operational setbacks and regulatory challenges in neighboring Chile and the drama of a First Quantum’s shutdown in Panama as political leaders want to negotiate a higher cut for their own pockets the country.
Copper Production in Peru reached an all time high of 232,464 tonnes in October of 2022.
Pedal to the metal,
The Editor
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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