Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and prepare a barbecue with family, have a great Friday!

Here are the highlights:

🤔 Uranium Ban Coming?

😲 Anglo Cutting Copper Production

🐦 Tweet Of The Day

🤔 Uranium Ban Coming?

The US House is set to vote on the “Prohibiting Russian Uranium Imports Act” aimed at banning Russian uranium imports, a response to Russia's Ukraine invasion.

This bipartisan-supported act, proposed by Representative Cathy McMorris Rodgers, requires a two-thirds majority. Russia, supplying a quarter of the US's enriched uranium, significantly influences the nuclear industry.

The ban, effective 90 days post-enactment with a potential waiver until 2028, could raise US nuclear fuel costs by 13%. The Biden administration seeks over $2 billion to enhance domestic enrichment for nuclear reactors. A similar bill, supported by Senators Joe Manchin and John Barrasso, is in the Senate.

The Congressional Budget Office has published a report confirming this increase could be funded by the Infrastructure Investment and Jobs Act — which has delineated $6 billion to support economically struggling nuclear reactors. 

In other words, they’re saying “go ahead, we got your backs”. A 13% increase today would put yellowcake at $92.55/lb.

😲 Anglo Cutting Copper Production

Anglo American Plc (LON: AAL) has adjusted its 2024 copper production target, reducing it to between 730,000 and 790,000 tons, a decrease from the previous goal of up to 1 million tons.

This revision is part of broader measures to address challenges including a decrease in demand for metals, leading to a reduction in capital expenditure and overall production. The company said its PGM output could fall to as low as 3.3 million ounces next year, from 3.8 million ounces this year.

Overall, Anglo’s production will be about 4% lower next year, before falling another 3% in 2025, it said. 

The stock cratered a massive 19%+ on the news.

📰 In Other News:

🐦 Tweet Of The Day

Happy Speculating!

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.