MINEX Forum

Website: Europe.com

  • Sprott Unveils Europe’s Pioneer ETF for Junior Uranium Miners

    Sprott Unveils Europe’s Pioneer ETF for Junior Uranium Miners

    The Sprott Junior Uranium Miners UCITS ETF is due to be listed in the coming weeks on London Stock Exchange, Deutsche Börse Xetra, and Borsa Italiana. The fund will come with an expense ratio of 0.85%.

    The introduction of URNJ expands Sprott’s European ETF lineup to four, with its existing suite also dedicated to niche segments or thematic investment strategies within the global mining sector. Each of these ETFs has been launched in collaboration with HANetf, a leading European white-label ETF platform.

    Among Sprott’s current European offerings is the $340 million Sprott Uranium Miners UCITS ETF (URNM LN), targeting exposure to larger-cap uranium mining companies.

    According to Sprott, uranium mining stocks stand to gain as the world turns to nuclear power for dependable and low-carbon energy. This shift was highlighted at COP28 in December 2023, when 22 nations, including major powers such as the United States, Canada, France, Japan, and the United Kingdom, committed to the Declaration to Triple Nuclear Energy by 2050.

    This ambitious target underscores the expected surge in nuclear energy capacity, which in turn suggests an increasing uranium demand to outpace the current supply. This scenario is expected as countries plan for nuclear reactor restarts, new construction projects, and reconsiderations of decommissioning existing reactors.

    Hector McNeil, Co-Founder and Co-CEO of HANetf, commented: “Uranium prices have surged over the past year, entering a new bull market as the indispensable role of nuclear power in the energy transition becomes apparent. Investor interest has steadily risen, as shown by the extraordinary growth of URNM. But missing from Europe until now has been a small and mid-cap uranium miners-focused ETF. We have seen a flood of inquiries from investors asking if we are bringing a Junior Uranium Mining ETF to the European market. We are very proud to be launching Europe’s first Junior Uranium Mining UCITS ETF and even more proud to be doing so in partnership with Sprott Asset Management, who are real leaders in the uranium investment space.”

     

  • Ключевые компании Германии создают консорциум для добычи лития в Казахстане: новый виток в литиевой индустрии

    Ключевые компании Германии создают консорциум для добычи лития в Казахстане: новый виток в литиевой индустрии

    Министр промышленности и строительства РК Канат Шарлапаев в рамках рабочего визита в Германию встретился с Манфредом Грундке, членом наблюдательного совета GP Günter Papenburg AG.

    Манфред Грундке, кроме своей роли в GP Günter Papenburg AG, также является членом Правления Восточного комитета германской экономики и спикером страновой группы по Центральной Азии, что подчеркивает его значимую роль в развитии экономических отношений между Германией и странами Центральной Азии.

    GP Günter Papenburg AG, основанная в 1963 году, начинала как торговец строительными материалами и со временем выросла до значительных масштабов, насчитывая сегодня 61 дочернюю компанию и производственное подразделение. Компания охватывает широкий спектр деятельности, включая добычу сырья, производство строительных материалов, строительство и логистику, что делает ее значимым игроком на рынке.

    Во время встречи стороны поделились экономическими показателями стран за прошедший год, обсудили текущие экономические достижения Казахстана и Германии и выразили взаимный интерес в углублении сотрудничества в области энергоэффективности и разработке цепочек поставок критически важных материалов. Особое внимание было уделено возможностям детального сотрудничества, включая недропользование и создание совместных предприятий.

    Также был обсуждён значимый момент сотрудничества в сфере производства лития. Ведущие компании — «Knauf Gruppe», «GP Gunter Papenburg AG», «Roxtec», а также Немецкий институт лития (ITEL), объединили свои усилия, сформировав консорциум. Этот шаг нацелен на разработку и производство лития, используя в качестве основы месторождения Казахстана, что открывает новые перспективы для развития литиевой индустрии в нашей стране.

    Кроме того, сторонами было достигнуто соглашение о создании специализированной рабочей группы, направленной на исследование потенциала сотрудничества в области добычи и использования лития. Дополнительно рассмотрели перспективу разработки дорожной карты, которая станет основой для успешного воплощения обсуждаемых инициатив.

  • EBRD to hold Western Balkans Investment Summit on Monday 26 February

    EBRD to hold Western Balkans Investment Summit on Monday 26 February

    The Western Balkans Investment Summit 2024 will be streamed LIVE on LinkedIn on Monday 26 February.

    The event will be attended by all six heads of government from the region, who have confirmed their participation.

    The aim of the Summit is to highlight potential investment and business opportunities in the Western Balkans region and to promote regional and cross-border projects. This is the sixth EBRD summit of its kind; the inaugural Western Balkans Summit took place at the EBRD ten years ago, in February 2014 and, for the first time, brought together all the region’s prime ministers.

    The Western Balkans is a priority region for the EBRD. Today, the EBRD remains one of the largest institutional investors in countries of the region, with more than €18 billion invested to date.

    The traditional highlight of the Summit – interactive “Prime Ministers Session” – will see the regional Leaders and the President of the EBRD address the audience with their overall vision for the region, key regional projects, and opportunities for investment at both regional level and in each of the countries of the region, which includes Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. The session will feature extended Q&A with foreign investors.

    9.00-9.30 Opening of the Summit. Welcome address

    Odile Renaud-Basso, President, EBRD
    High-level representative of the EU (TBC)

    9.30 -11.00 *Interactive session with the participation of the six Western Balkans Prime Ministers, including extended Q&A with foreign investors

    *Held under Gymnich formula

  • Northern Lithium secures significant new mineral rights from the Church Commissioners for England

    Northern Lithium secures significant new mineral rights from the Church Commissioners for England

    Continuing to make strong progress with its stated ambition to deliver a secure domestic supply of lithium from the Northeast of England, using sustainable extraction and production techniques, Northern Lithium Ltd (Northern Lithium) is pleased to announce that it has signed a new exclusive Mineral Rights Agreement with the Church Commissioners for England (Church Commissioners). The new mineral rights secured, to develop the extraction of lithium and other minerals from saline brines within the Northern Pennine Orefield, County Durham, are for a much longer term and cover a far wider geographical area than the initial rights granted to Northern Lithium in 2021.

    The new Agreement covers mineral rights owned by the Church Commissioners circa. 240 sq km (60,000 acres), providing up to 45 years for exploration, appraisal and production. This reflects the real success the company has had to date in developing the lithium opportunity in the region. Establishing a domestic supply of lithium both quickly and at scale is seen as vital for the UK energy transition, achieving net zero by 2050 and is central to the UK’s recently published first Battery Strategy.

    This agreement establishes a long-term partnership between Northern Lithium and the Church Commissioners and follows the achievement of key development milestones which include:

    Confirmation of the presence of potentially commercially viable concentrations of lithium in saline brines following an initial exploration drilling programme in 2022 at Ludwell Farm, Eastgate, County Durham;
    Receiving full planning approval in June 2023 for additional in-field testing and drilling of up to six boreholes in total at the Ludwell Farm site;
    The successful production in August 2023, of >99.5% purity battery grade lithium carbonate achieved at an industrial scale for the first time at Evove Ltd’s UK Direct Lithium Extraction (DLE) Test Centre in Widnes, using Northern Lithium’s Northern Pennine Orefield brines; and
    The recently announced strategic partnership between three North of England companies – Northern Lithium, Evove and Sheers aimed at delivering the UK’s first commercial-scale DLE plant using UK-developed advanced DLE technology, UK-sourced lithium-bearing brines and UK process engineering expertise.
    The securing of these new mineral rights with the Church Commissioners will now allow Northern Lithium to expand its exploration and development activities over a much larger area and ultimately help facilitate the delivery of its goal to reach commercial production of 10,000 tonnes of battery-grade lithium per year from several production areas across the Northern Pennine Orefield. This would establish the area and wider North East as a key domestic source and supply of lithium to the UK battery and EV manufacturing sectors, providing a direct economic benefit to and the basis for continued investment in a local area long associated with the minerals industry. Northern Lithium is targeting initial commercial production of lithium from its first planned production site at Ludwell Farm in 2027.

    This announcement also comes at a time when the UK government has committed, through its recently published first UK Battery Strategy, to improving the security and resilience of the country’s sourcing of critical minerals for the energy transition. The new mineral rights will play an important role in realising this ambition, as well as supporting the North East as a future centre of UK EV manufacturing, building on Nissan’s recent commitment to deliver three EV models, three gigafactories and up to £3bn investment to its industrial hub in Sunderland.

    Richard Morecombe, Founder and Chairman of Northern Lithium commented: “We have come a long way and successfully delivered a number of key development milestones since first discussions with the Church Commissioners for England towards the end of 2017, and the initial granting of mineral rights in 2021. We have presented a clear opportunity to the Church Commissioners asset management team and demonstrated our ability to deliver on milestones which we will build upon under these new arrangements as we look to deliver the next development phases of our project across the wider Northern Pennine Orefield.”

    Nick Pople, Managing Director of Northern Lithium added: “We are delighted to have reached this new Agreement with the Church Commissioners for England who share our ambition to build a secure, sustainable domestic supply of lithium at scale within the North East in a low impact way. If successful with our development plans, these new arrangements will deliver long-term economic benefits to the local area, North East and the UK. This has the potential to put the North East firmly on the map in terms of lithium extraction and supply and allows us to deliver a wide-spread exploration and long-term development programme at a significant scale across a large area of County Durham.”

    Ciara Williams, Principal Asset Manager Farmland & Minerals at the Church Commissioners for England commented: “As a significant mineral owner, the Church Commissioners for England is delighted to have entered into an agreement with Northern Lithium in seeking to develop a sustainable domestic source of lithium in the Northeast of England. This is an exciting and progressive project, advancing the UK’s critical mineral supply and will enable further enhancement to the green economy.”

    Minister for Industry and Economic Security Nusrat Ghani said: “This is great news for Northern Lithium, and another positive step in boosting the resilience of the UK’s critical minerals supply chains for the long term as we continue to grow the green industries of the future. The Northeast of England offers significant opportunities to help secure our supply of lithium responsibly and sustainably, and today’s news builds on the landmark Battery Strategy I announced last November as we ramp up our electric vehicle production and drive forward the net zero transition.”

  • Anglo American and Finnish Minerals Group will explore opportunities to further support Finland’s battery strategy

    Anglo American and Finnish Minerals Group will explore opportunities to further support Finland’s battery strategy

    Finnish Minerals Group is a holding and development company that manages the Finnish Government’s mining industry shareholdings and supports the development of the Finnish battery value chain.

    Alison Atkinson, Projects & Development Director at Anglo American, said: “Finland is a highly attractive investment destination and has a strong heritage in both mining and innovation. We look forward to working with Finnish Minerals Group, whose mission is to responsibly maximise the value of Finnish minerals, to explore the wealth of opportunities that our agreement could offer.

    “This agreement further strengthens our commitment to Finland as well as to our Sakatti project, a true polymetallic orebody very much aligned to Finland’s and the EU’s critical minerals priorities. Sakatti is designed as the next generation of FutureSmart MiningTM, building on what we have learned in terms of minimal surface footprint and using technology and innovation to deliver ever-better environmental and social outcomes, whilst producing essential raw materials needed to transition to a greener, low-carbon energy future.”

    Finland provides a stable and secure source of many of the metals and minerals needed for the world to decarbonise. With an increasing number of countries prioritising sustainable access to responsibly sourced critical raw materials, Finland is well-positioned in terms of its natural resources and the country’s investment across the entire battery value chain, from mineral extraction to recycling.

    Jani Kiuru, Senior Vice President of raw Materials at Finnish Minerals Group, added: “Exploring joint opportunities with Anglo-American is a natural choice for us as they already know the Finnish operational environment. In addition, the company has a long history in mining and is a forerunner in sustainability. We believe this collaboration reinforces both parties by combining local and global know-how in sustainability and technological development, thus maximising the value of Finnish minerals responsibly. We see there is a mutual understanding of the vast possibilities and importance of Finnish minerals for the green transition.”

  • Scotland-based Gravitricity company is using the Pyhäjärvi mine to build its first full-scale prototype gravity energy store

    Scotland-based Gravitricity company is using the Pyhäjärvi mine to build its first full-scale prototype gravity energy store

    One of Europe’s deepest mines is being transformed into an underground energy store. It will use gravity to retain excess power when it is needed.

    The remote Finnish community of Pyhäjärvi is 450 kilometres north of Helsinki. Its more than 1,400-metre-deep zinc and copper Pyhäsalmi mine was decommissioned but is now being given a new lease of life by Scotland-based company Gravitricity.

    The firm has developed an energy storage system that raises and lowers weights, offering what it says are “some of the best characteristics of lithium-ion batteries and pumped hydro storage”.

    How does the gravity battery work?

    When there is excess power – from wind turbines on a windy day for example – weights would be winched up the Pyhäsalmi mine’s 530-metre auxiliary shaft. To generate energy these weights can be released. This turns the winches into generators, creating either a short burst of electricity or a slower trickle depending on what is needed.

    The gravity energy system would be able to store 2MW of power and integrate it into the local energy grid.

    A study published by a team of international researchers last month found that gravity batteries in decommissioned mines could offer a cost-effective, long-term solution for storing energy as the world transitions to renewable power.

    Scientists from the International Institute for Applied Systems Analysis (IIASA) found that the world’s abandoned mine shafts could store up to 70TWh of power – roughly the equivalent of global daily electricity consumption.

    Bringing ‘low carbon’ jobs to a mining community

    The local community in Pyhäjärvi has set up a development company to promote regeneration at the old mine. It has just signed an agreement with Gravitricity to transform the old mine shaft into the first full-scale prototype of the company’s technology.

    They “anticipate this could become Europe’s first Gravistore deployment”, according to the company.

    “This project will demonstrate at full scale how our technology can offer reliable long-life energy storage that can capture and store energy during periods of low demand and release it rapidly when required,” Gravitricity’s executive chairman Martin Wright said.

    “This full-scale project will provide a pathway to other commercial projects and allow our solution to be embedded into mine decommissioning activities, offering a potential future for mines approaching the end of their original service life.”

    Wright also adds that the project will hopefully provide “low carbon jobs” in an area suffering significantly from the end of mining operations.

    The mine was opened in 1962, extracting more than 60 million tonnes of ore over its lifetime. Once a major employer in the region, it closed in August 2022 leaving many unemployed.

    The gravity battery is one of several community-driven projects at the mine aimed at breathing new life into the area. It includes a solar farm, tech startups and an underground 5G network.

  • This disused mine in Finland is being turned into a gravity battery to store renewable energy

    This disused mine in Finland is being turned into a gravity battery to store renewable energy

    One of Europe’s deepest mines is being transformed into an underground energy store. It will use gravity to retain excess power for when it is needed.

    The remote Finnish community of Pyhäjärvi is 450 kilometres north of Helsinki. Its more than 1,400-metre-deep zinc and copper Pyhäsalmi mine was decommissioned but is now being given a new lease of life by Scotland-based company Gravitricity.

    The firm has developed an energy storage system that raises and lowers weights, offering what it says are “some of the best characteristics of lithium-ion batteries and pumped hydro storage”.

    How does the gravity battery work?

    When there is excess power – from wind turbines on a windy day for example – weights would be winched up the Pyhäsalmi mine’s 530-metre auxiliary shaft. To generate energy these weights can be released. This turns the winches into generators, creating either a short burst of electricity or a slower trickle depending on what is needed.

    The gravity energy system would be able to store 2MW of power and integrate into the local energy grid.

    A study published by a team of international researchers last month found that gravity batteries in decommissioned mines could offer a cost-effective, long-term solution for storing energy as the world transitions to renewable power.

    Scientists from the International Institute for Applied Systems Analysis (IIASA) found that the world’s abandoned mine shafts could store up to 70TWh of power – roughly the equivalent of global daily electricity consumption.

    Bringing ‘low carbon’ jobs to a mining community

    The local community in Pyhäjärvi has set up a development company to promote regeneration at the old mine. It has just signed an agreement with Gravitricity to transform the old mine shaft into the first full-scale prototype of the company’s technology.

    They “anticipate this could become Europe’s first Gravistore deployment”, according to the company.

    “This project will demonstrate at full scale how our technology can offer reliable long-life energy storage that can capture and store energy during periods of low demand and release it rapidly when required,” Gravitricity’s executive chairman Martin Wright said.

    “This full-scale project will provide a pathway to other commercial projects and allow our solution to be embedded into mine decommissioning activities, offering a potential future for mines approaching the end of their original service life.”

    Wright also adds that the project will hopefully provide “low carbon jobs” in an area suffering significantly from the end of mining operations.

    The mine was opened in 1962, extracting more than 60 million tonnes of ore over its lifetime. Once a major employer in the region, it closed in August 2022 leaving many unemployed.

    The gravity battery is one of several community-driven projects at the mine aimed at breathing new life into the area. It includes a solar farm, tech startups and an underground 5G network.

  • Over €4 billion secured for European battery production

    Over €4 billion secured for European battery production

    ACC has taken out a loan of 4.4 billion euros, increasing the funding for the construction of three gigafactories for lithium-ion battery cell production in France, Germany, and Italy, and for R&D. Shareholders Stellantis, Total, and Mercedes-Benz will also inject additional capital, leading to a change in ownership structure. 

    Automotive Cells Company says the €4.4 billion secured is “one of Europe’s largest-ever debt raisings in this industry” to develop four “blocks of production” in addition to the one in operation in Billy-Berclau/Douvrin in France. ACC will reportedly build a second block in Douvrin and plans another in the German town of Kaiserslautern and another in Italy in Termoli.

    By 2030, the joint venture of Stellantis, Total, and, since September 2021, Mercedes-Benz will aim for total battery cell capacities of at least 120 GWh. The Termoli plant will have a capacity of 40 GWh, while ACC is working towards upgrading the French and German sites to 40 GWh each to complete the bill.

    The current production capacity at Douvrin is set at more than 13 GWh per year and is due to be completed by the end of 2024. With five of these blocks, ACC would have an annual capacity of 65 GWh; thus the previously announced expansion with additional production blocks.

    The debt package will contribute to financing these capacities and is fully underwritten by a consortium of commercial banks, BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and supported by Bpifrance, Euler Hermes, and SACE.

    Stellantis, Mercedes-Benz and Total subsidiary Saft also participated in a capital increase (of undisclosed value). By the end of March 2024 and with the subsequent capital injection, Stellantis will own 45% of ACC’s shares, Mercedes-Benz 30% and Saft 25%.

    Both carmakers behold, this confirmed their “commitment as leading shareholders and customers of ACC’s battery modules”. Saft will continue working with ACC as a long-term shareholder and for technological know-how.

    Commenting on the loan, Yann Vincent, CEO of ACC, said this was “clear evidence of the confidence that is placed in the ACC project. Beyond this operation, we will determine our needs as and when we conclude additional contracts.”

    ACC was created by Total and Stellantis in 2020, with Mercedes joining one year later. Apart from the Gigafactory in France, ACC also runs an R&D center operational since 2020 in Bruges, near Bordeaux, and an Industrial Excellence Center in Nersac, in the New Aquitaine region. The company employs more than 1,500 people in France, Germany, and Italy. It also has received support from all three states and the European Union.

  • Velocity Minerals Provides Update for the Zlatusha Copper-Gold Project in Bulgaria

    Velocity Minerals Provides Update for the Zlatusha Copper-Gold Project in Bulgaria

    Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC, OTCQB: VLCJF) (“Velocity” or the “Company”) provides an update on the ongoing exploration program at the Zlatusha copper-gold project (“Zlatusha” or the “Project”), located in the prolific Tethyan Belt that has potential for epithermal, porphyry, and skarn deposit discoveries. Phase I drill testing is planned for Q2 2024, with an initial 3,000m of diamond drilling to test priority copper-gold target areas.

    2023 Highlights and Project Background

    Exploration completed in 2023 includes detailed mapping over priority targets, 1,800 soil samples, 660 rock samples, a 4,500-station ground radiometric survey, and a property-wide 2,400 line-km drone magnetic survey. The magnetic survey (Figure 1) has been key in identifying target areas for follow-up with detailed mapping, and geochemistry.

    The Company has compiled a technical presentation summarizing the Zlatusha exploration project, which can be downloaded here. This document provides an in-depth view of the exploration progress of the Project, as well as details on methodologies and future plans, offering a clear overview for investors and stakeholders.

    The Zlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects Serbia and Bulgaria. The local geology is similar to the Timok Magmatic complex, which is located 95 km to the northwest of Serbia (hosting the world-class Bor, Majdanpek and Cukaru Peki copper-gold deposits). The Panagyurishte Orefield, located 65 km to the east in Bulgaria hosts operating copper-gold mines such as Chelopech, Elatsite and Asarel.Approximately 5km southwest of Zlatusha, the Milin Kamuk gold mine is under construction. No modern systematic exploration has been carried out and the Company considers the Property to be prospective for the discovery of these deposit types. In particular, the recent discovery of the high-grade Coka Rakita gold skarn deposit by Dundee Precious Metals has renewed interest in deposits of this type within the Tethyan Belt that have been historically overlooked.

    2024 Outlook

    Building on 2023’s successful exploration program, Velocity will initiate a 3,000m diamond core drilling program in Q2. Drill target definition and prioritization is ongoing and an update will be provided to shareholders before the commencement of the drill program.

    Quality Assurance / Quality Control

    The work program at Zlatusha Property was designed and supervised by Vasil Dimitrov, CGeol FGS, the Company’s Senior Geologist, who is responsible for all aspects of the work, including the quality control/quality assurance program.

    On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania (soil and rock samples) for sample preparation and subsequent analysis. Soil samples are prepared in compliance with industry standards at ALS’ Romanian laboratory then a sample split of the milled material (pulp) is shipped to ALS’ Irish laboratory for the Trace Detection Limit method for a gold plus multi-element package by aqua regia digestion for acid extractable gold – 25g. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch.

    Portable XRF (Olympus Vanta M) and Magnetic Susceptibility (KT-9 kappameter) analysis are applied to soil and rock sample references. A portable XRF analyzer is used to evaluate the concentration of certain elements in rocks and soils providing rapid information to field geologists without waiting for laboratory results. The portable XRF readings provide an effective screening tool for selecting samples for traditional laboratory chemical analysis. The assays of the pXRF analysis are indicative, but accuracy is not equivalent to laboratory analysis. Soil samples are sieved in the field with 40mesh (-1mm) stainless steel sieve, and collected in kraft paper bags for drying in the storage area. After sample splitting, material is taken from each sample for portable XRF analysis and stored in small transparent zip-lock bags with sample ID tags. Samples are scanned on both sides and the XRF measurements are averaged by the portable XRF. Representative rock sample specimens are selected from the field geologist then scanned with portable XRF in the company’s warehouse. Blanks and independently controlled reference material (standards) are scanned with portable XRF and the results are compared with laboratory analysis. Additional portable XRF QA/QC measurements are taken from “Coin” and “Blank” material (provided by Olympus) for tool calibration before and after scanning of each batch of samples.

    Geophysical surveys are carried out by geophysical consultants using up-to-date technologies, with the results checked by a third-party independent geophysicist for quality control. Raw geophysical data is processed and corrected, and the results are interpreted by 2 independent groups of geophysicists under the direction of Company staff.

    Qualified Person

    The technical content of this release has been approved for disclosure by Daniel Marinov, RPGeo, a Qualified Person as defined by NI 43-101 and the Company’s Vice President of Operations. Mr. Marinov is not independent of the Company as he is a director, officer, and shareholder, and holds incentive stock options.

    About Velocity Minerals Ltd.

    Velocity is a precious metals and copper explorer focused on Eastern Europe. In Bulgaria, Velocity has a 70% interest in the Tintyava property, which includes the feasibility-stage Rozino deposit. Velocity also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in the Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo property (which is contiguous with the Makedontsi project). The Company holds a 100% interest in the Iglika copper-gold exploration property and recently entered into an option agreement with DPM who have an option to earn a 75% interest in the property. The Company has also entered into agreements to acquire a 75% interest in the Zlatusha copper-gold exploration property.

  • Rolls-Royce snubbed for UK’s first private nuclear plant

    Rolls-Royce snubbed for UK’s first private nuclear plant

    Rolls-Royce Holdings PLC (LSE:RR.)’s mini-nuclear plans have seemingly suffered a setback with the UK’s first privately funded station to use reactors built by Westinghouse.

    The US group said it signed an agreement with Community Nuclear Power to install four AP300 small modular reactors (SMRs) at the North Teesside project to generate up to 1.5 gigawatts of power or enough for up to two million homes.

    Westinghouse added it hopes to have the first AP300 operating unit available in “the early 2030s”.

    “The advantageous economics of the AP300 SMR are based on robust analysis and existing project costs from AP1000 reactors already in operation or development on three continents,” it added.

    Mini-reactors or SMRs were a key plank of former prime minister Boris Johnson’s plans to rejuvenate Britain’s nuclear industry and hit his green energy targets.

    Through their modularised designs, SMRs can be assembled in factories rather than on-site and thus offer a cheaper and quicker way of providing carbon-free energy.

    Paul Foster, Community Nuclear Power’s chief executive, said: “This project brings together Westinghouse’s proven technology and mature supply chain with our depth of expertise in nuclear programme delivery, in a region that is transforming its industrial landscape.

    “We are delighted to be working with Westinghouse in support of private deployment in North Teesside,” he added.

    David Durham, Westinghouse president, Energy Systems added. “Our AP300 SMR is ideally suited not just to support grid generation, but also for industrial sites for generating clean and secure energy and the ability to produce hydrogen, e-fuels, desalination and district heating.”

    Lord Houchen, the mayor of Tees Valley, said one of the major issues it faced was the lack of policy clarity in the UK over SMRs.

    Although reportedly ahead of the competition, Rolls-Royce’s SMR is still said to be only mid-way through the UK approval process.

    The new power station is being entirely privately funded and will be sited at Seal Sands, a former chemical works.