France's Orano gets EIB loan for enrichment facility expansion
PARIS, March 10 (Reuters) - French nuclear fuels company Orano signed an agreement for a 400 million euro ($433.20 million) loan with the European Investment Bank, it said on Monday, to help fund the expansion of its nuclear enrichment facility in southern France.
State-owned Orano is expanding the facility to meet an expected growth in demand for nuclear fuel as European countries make plans to build new nuclear reactors, in addition to six new reactors planned in France.
The expansion, to cost 1.7 billion euros, will raise fuel production at the site by 30%.
The remaining financing will come from the company's own financing capacities and the debt market, a spokesperson said.
France relies on nuclear energy production for about 70% of its power, but is still reliant on Russia for a large portion of its enriched fuel.
"In the current geopolitical context, this support for our activities from the EIB will help to strengthen security of supply in the European Union," said Orano CEO Nicolas Maes.
($1 = 0.9224 euros)
($1 = 0.9234 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Powys County Times
6 hours ago
- Powys County Times
Napoleonic prisoner of war camp buried under field bought from farmer
A Napoleonic prisoner of war camp buried under a field in Cambridgeshire has been bought by a trust with the intention of preserving it as a historic site. Norman Cross, the world's first purpose-built prisoner of war camp, was privately owned by a farmer, and has been bought by Nene Park Trust. Located near Peterborough, it contains the remains of around 1,770 French, Dutch and German soldiers captured in the Revolutionary and Napoleonic Wars fought between the French and other European nations. The trust says it wants to preserve the site and make it available to the public as a historic and green space. The camp now lies barely visible under a field used for arable crops and grazing. But it previously held a self-contained town, with barracks, offices, a hospital, school, marketplace and banking system, according to historian Paul Chamberlain. It operated from 1797 to 1814 and housed around 7,000 French prisoners. The location was chosen because it was far from the sea, making it difficult for any escapees to return to France. Prisoners made intricate models from bone, wood and straw to sell at the camp market and trade for food, tobacco and wine. Around 800 of these artefacts, which include miniature ships and chateaus, are on display at the nearby Peterborough Museum and Art Gallery. The trust received £200,000 of grant funding from Historic England and £50,000 from the National Lottery Heritage Fund to buy the camp following years of negotiations. Its acquisition was fought for by resident Derek Lopez, who owned the Norman Cross Gallery near Yaxley and was an advocate of Peterborough's history. He died last year before seeing the sale complete. Duncan Wilson, chief executive of Historic England, said: 'The Norman Cross prisoner of war camp represents a pivotal moment in our shared European heritage that deserves to be better known.' Matthew Bradbury, chief executive of Nene Park Trust, said he was 'delighted' to take on the ownership of Norman Cross and wanted 'to share its green space and unique stories for generations to come'. Heritage minister Baroness Twycross said: 'Norman Cross represents a poignant chapter in our shared European story. 'The remarkable stories of those held in what was the first purpose-built prisoner of war camp should be remembered now and in the future. 'This partnership has secured this valuable heritage site for generations to come.'
Spectator
7 hours ago
- Spectator
The Sizewell delusion
The Chancellor's promise of £14 billion for the Sizewell C nuclear power station in Suffolk is hardly news. The project has been talked about for 15 years while the existing UK nuclear estate has gradually been shut down and the only other new station, Hinkley Point in Somerset, has stumbled to a decade-long delay and £28 billion of budget overruns. Quite some optimism – verging on Milibandian delusion – is required to embrace the idea that Sizewell will come quicker and cheaper because it will replicate Hinkley Point while avoiding its mistakes. And since Chinese money has been ruled out, it's still a mystery as to who else will pay for the project beside HMG and the French utility company EDF. Unarguably, we need a constant baseload of nuclear power to stop the lights going out in mid-century: commitment to Sizewell can't be all wrong, despite local objections. But what's intriguing about this week's news is that it coincides with the naming of Rolls-Royce as 'preferred bidder' to deliver the UK's first small modular reactors, in theory much easier to bring to fruition. If SMRs can really deliver nuclear power one town at a time by the mid-2030s, as planned, Hinkley Point and unfinished Sizewell will begin to look like dinosaurs. The simple truth is that both should have been done and dusted a generation ago. But nuclear decision-ducking has been a shame on successive governments for as long as most of us can remember. Defensive stocks My recent suggestion of a 'Rearmament Isa' that would incentivise savers to buy shares in UK manufacturers of military kit brought a positive response from one former defence minister but not from the current Chancellor who, let's face it, may not be among my most devoted readers. Nevertheless, I'm hoping the idea might feature in an Isa overhaul this autumn, because last week's £68 billion defence review wish-list of everything from ammo factories to autonomous weaponry was a reminder of how vital it is to sustain an innovative, well-capitalised, British-owned defence industry, rather than one that is picked off piece by piece by US and other foreign predators. And it's fair to say that the review's call for 'warfighting readiness' makes the sector a strong bet for investors anyway, with or without Isa tax benefits. Blue-chip defence stocks have already soared since the beginning of the year – BAE Systems up 68 per cent, Rolls-Royce 55 per cent – but may pause as the market discovers how much of the wish list the government actually commits to buying and to what extent UK firms are impeded (as President Emmanuel Macron of France has signalled) from supplying EU rearmament demand. In the meantime, smart stock-pickers will hunt for defence-related businesses that have yet to catch the upswing. Naturally on this theme I consult this column's veteran investor Robin Andrews, who suggests taking a look at 'engineering and electronics companies that are vital in the supply chain and whose customers are major defence companies and in some cases governments directly'. Here's his promising half-dozen: Melrose Industries in aerospace; Hunting in precision engineering; Filtronic, already a hot stock in telecom systems; and in various aspects of IT, Concurrent Technologies, EnSilica and the curiously named Raspberry Pi. As ever, we urge you to do your own research. City stampede Here we go again: three more tech companies abandoning London. Spectris, a listed precision instrument maker that descends from the Fairey seaplane company and might have featured in our roll call of defence-adjacent stocks above, is selling itself to the US private equity giant Advent for £3.7 billion. Alphawave, an Anglo-Canadian designer of 'high-speed connectivity solutions' that listed in London in 2021, has fallen to US microchip maker Qualcomm for £1.8 billion. Both deals are at huge premiums over the companies' last quoted share prices, reflecting the pattern of chronic undervaluation that has driven the decline of the London Stock Exchange and provoked a stampede of takeovers. Third to go this week is Wise, a money-transfer fintech founded in London by Estonian emigrés and now worth £11 billion, but moving its primary listing to New York. Time and again we're told City authorities, Treasury ministers and the Exchange itself are urgently pursuing reforms to make London's capital markets slicker and sexier; but so far, as the exodus accelerates, to no effect whatever. Top shopkeeper Last week, to some readers' irritation, I applauded a €100 million bonus for Michael O'Leary in his 31st year as the presiding genius of Ryanair. So if I'm in favour of high pay for high performance, logic might dictate that I should also favour the £7 million award to Stuart Machin for his third year's work as chief executive of Marks & Spencer. But I'm not so sure. The high street chain has certainly revived under Machin's leadership: profits are up, stores look fresher, the food offer outpaces rivals and the shares have risen 150 per cent since he took the helm in May 2022. And he's clearly not to blame for the cyber-attack that crippled M&S's website and cost the business £300 million. But nor is he a creator of the M&S brand: he's a hired hand (having previously worked for Sainsbury's, Tesco, Asda and in Australia) whose efforts have been closely mentored by his powerful chairman, Archie Norman. In that case, is it really fair to pay him 140 times the average store manager's salary? Then again, I hear you mutter, what's fairness got to do with it if £7 million is the going rate for global boardroom talent? Maybe, but it's a big number for running a shop and it puts Machin in a merciless media spotlight. Having said which, I'll pop out to buy my M&S picnic lunch.
Leader Live
8 hours ago
- Leader Live
Palace co-owner John Textor would sell shares for Europa League chance
The American, whose Eagle Football Group owns 43 per cent of Palace, has imperilled the club's chance of a first-ever European campaign owing to his involvement with Ligue 1 side Lyon, but is ready to offload his stake to his fellow co-owners in order to bring the saga to an end. UEFA does not allow clubs with the same ownership to compete in the same European competitions in a season. As well as his stake in Palace, the 59-year-old has a controlling stake in the French club, also via Eagle Football. However it is also reported that the European governing body does not consider Textor's influence at Selhurst Park to be decisive and is leaning towards allowing the club into the Europa League regardless. The PA news agency understands no formal decision is likely on Palace's fate until the end of June. Textor has previously spoken of his frustration at how little influence his stake entitles him to, over football matters. Victory for Oliver Glasner's side over Manchester City in last month's FA Cup final gave them their first major trophy and with it a first crack at Europe. However, Nottingham Forest have since written to UEFA to challenge Palace's Europa League spot and in the hope of taking their place. Forest's owner Evangelos Marinakis, who also owns Greek side Olympiacos, placed his shares in the club in a blind trust before the governing body's March 1 deadline, anticipating Nuno Espirito Santo's side's European qualification. At present Forest, who finished seventh in last season's Premier League, are set to enter the Conference League but would take Palace's Europa League place, should they be deemed ineligible.
