The US Department of Commerce has sharply increased trade penalties on Chinese graphite anode materials, concluding that producers in China engaged in unfair pricing and subsidy practices that harmed the US market.

In a final determination issued February 11, 2026, Commerce raised countervailing duties on Chinese natural graphite anode material to 66.68 percent and maintained anti-dumping duties at 93.5 percent.

Combined with existing tariffs, the total effective rate on imports of Chinese natural graphite anode material now stands at approximately 220 percent as determined by Westwater Resources (NYSE:WWR) in a separate release.

The ruling remains subject to a final affirmative injury determination by the US International Trade Commission, expected in March 2026. If the ITC affirms injury, the duties will remain in place for a minimum of five years under US trade law.

Westwater Resources, a US-based battery-grade natural graphite developer, said the final determination confirms that Chinese producers violated anti-dumping rules.

The company estimates the cumulative tariff burden now includes a 10 percent duty under the International Emergency Economic Powers Act, 25 percent Section 301 tariffs, 25 percent Section 232 tariffs, 66.68 percent countervailing duties and 93.5 percent anti-dumping duties, totaling roughly 220.18 percent.

The final ruling marks a significant escalation from the preliminary findings issued in 2025.

At that time, Commerce imposed countervailing duties of 11.58 percent and anti-dumping duties of 93.5 percent. The anti-dumping rate remains unchanged, but the countervailing duty component was substantially increased in the final decision.

The investigation also traces back to a petition filed in December 2024 by American Active Anode Material Producers (AAAMP), a coalition representing North American graphite producers.

The group sought tariffs as high as 920 percent, arguing that Chinese state subsidies and artificially low pricing were undermining efforts to build a domestic graphite anode industry.

Active anode materials covered by the investigation include natural and synthetic graphite, as well as graphite contained within finished lithium-ion batteries. Graphite is the largest component in the anode of lithium-ion batteries used in electric vehicles and energy storage systems, typically consisting of a blend of natural and synthetic materials.

The US Geological Survey (USGS) has previously reported that the US does not mine natural graphite and relies entirely on imports to meet its requirements. In 2024, all domestic graphite demand was met through foreign supply.

Westwater said the expanded trade measures could shift demand toward US-produced natural graphite anode materials, particularly across lithium-ion battery markets such as electric vehicles, energy storage and defense applications.

The company is developing the Kellyton graphite processing plant in Alabama and controls the Coosa Graphite Deposit, described as the largest and most advanced natural flake graphite deposit in the contiguous United States.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

A stockpile of 1,000 metric tons of uranium seized from a French-operated mine in Niger is now sitting at a military airbase in Niamey that was recently attacked by Islamic State militants, raising fresh concerns over security and the material’s uncertain future.

The uranium, which is processed yellowcake used to fuel nuclear reactors, has been offered for sale by Niger’s military government but remains unsold.

Its current storage site, adjacent to the capital’s main international airport, became the target of a surprise assault by ISIS fighters in late January. The militant group later claimed responsibility for the attack, which appeared aimed at drones stationed at the base.

The material was transferred from the SOMAÏR mine near Arlit late last year, despite a September ruling by the International Center for Settlement of Investment Disputes (ICSID) ordering Niger “not to sell, transfer, or even facilitate the transfer to third parties of uranium produced by SOMAÏR” held in violation of Orano’s rights.

The junta that seized power in 2023 has framed control of the uranium as a matter of sovereignty. Colonel Ousmane Abarchi, Niger’s mining minister, has made clear the country intends to monetize the stockpile.

“We can sell to whoever we want,” Abarchi said as reported by the Financial Times, adding that Niger would only deal with buyers it considered responsible. “We are talking with the Russians. We are talking to the Chinese. We are talking to the Americans,” he added.

The uranium, estimated to be worth about US$240 million, was removed from the SOMAÏR mine, historically operated by French nuclear group Orano. The move followed months of escalating tensions between Niger’s junta and Paris.

The company has warned it is prepared to initiate “any and all actions” necessary, including “against third parties,” if the material is sold.

Russia is widely viewed as the most plausible candidate. Niger has deepened ties with Moscow since expelling French forces, and a small Russian military contingent is present in the country.

However, a person close to Niger’s leadership suggested that overt alignment with Moscow carries risks.

“If there was a clear American opportunity, they would jump at it,” the source said in the same FT report. “The last thing that you want to do is sell to the Russians on the dark market.”

Even if Niger secures a buyer, exporting the uranium presents another challenge. With its border with Benin largely closed since 2023, Niger has been forced to rely on a route through Burkina Faso and Togo.

Niger once supplied up to a quarter of the natural uranium used in European nuclear power plants. Since the coup, the junta has repositioned itself away from France and toward new alliances, framing control of mineral resources as an assertion of independence.

Spot uranium prices briefly surpassed US$100 per pound in late January, as nuclear demand projections continue to underscore a supply deficit. Spot prices have since pulled back slightly to the US$89 per pound range, still a historically high level.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Ormat Technologies (NYSE:ORA) confirmed it has signed a long-term agreement to supply up to 150 megawatts of geothermal power to support Google’s data center operations in Nevada.

The Reno-based renewable energy company announced Tuesday (February 17) that it entered into a portfolio power purchase agreement (PPA) with NV Energy, the Berkshire Hathaway-owned utility serving Nevada. The electricity will ultimately support Alphabet’s (NASDAQ:GOOGL) Google under NV Energy’s Clean Transition Tariff framework.

Under the terms of the deal, Ormat will develop a series of new geothermal projects across Nevada capable of delivering up to 150 MW of capacity. The projects are expected to come online between 2028 and 2030.

The contract term will begin once the first project achieves commercial operation and will extend 15 years beyond the commercial operation date of the final project, creating a long-duration revenue stream.

The structure allows projects to be added to the portfolio as they reach commercial operation, giving Ormat flexibility in staging development while providing Google with a scalable source of clean, around-the-clock electricity.

“AI is fundamentally increasing electricity demand across the technology sector, and geothermal power is uniquely positioned to deliver the reliable, carbon-free power required to support that growth,” said Ormat CEO Doron Blachar.

“This portfolio PPA provides long-term profitable revenue growth and clear visibility into our portfolio development plans, while solidifying our conviction in the expanded exploration and drilling activities we have undertaken over the past several years that laid the groundwork for securing this significant agreement and others like it.”

Blachar added that the agreement, combined with the extension of geothermal tax credits under the OBBBA framework, strengthens Ormat’s ability to execute its long-term growth strategy.

“The momentum of the Clean Transition Tariff through this agreement with NV Energy, Google and Ormat demonstrates a proven, scalable model for large customers to partner with utilities and technology providers to bring new clean capacity to the grid,” said Briana Kobor, Google’s Head of Energy Market Innovation.

The Clean Transition Tariff enables large energy users to procure new clean generation while covering the full costs of their electric service, a structure designed to prevent cost shifts to other customers.

Ormat said the framework could be replicated in other US electricity markets.

The announcement was well received by investors. Ormat shares rose as much as 8.1 percent intraday, marking the company’s largest single-day gain since 2023.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Precious metals prices continued to face downward pressure this week as investors took strong US economic data and a changing geopolitical landscape into consideration.

After climbing to fresh all-time highs at the start of 2026, a myriad of factors in February have seemingly taken the sails out gold, silver and platinum prices. However, the underlying fundamentals for the precious metals remain strong, resulting in a resiliency that lends optimism to higher price points to come in 2026.

Let’s take a look at what got spot prices moving over the past week.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Christopher Aaron, founder of iGoldAdvisor and Elite Private Placements, explains where gold and silver are in the current cycle and what his strategy looks like now.

‘This cycle is going to end in a mania,’ he said. ‘You want to position not when the mania is unfolding, but when it gets quiet, and I think we’re in one of those windows now to be positioning.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.