Business
Energy Fuels Provides Update on Vanadium Production
LAKEWOOD, CO, April 1, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading producer of uranium and vanad
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, April 1, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\"), a leading producer of uranium and vanadium in the United States, is pleased to provide the following update on the Company's ongoing vanadium production programs. The Highest Quality Vanadium Production in the History of the White Mesa Mill: Energy Fuels is currently producing a high-purity vanadium product at commercial rates from the pond solutions at its 100%-owned White Mesa Mill (the \"Mill\"), the only conventional vanadium processing facility located in the United States. The Mill has produced about 45 million pounds of vanadium pentoxide (\"V2O5\") during its nearly 40-year operating history. As a result of facility upgrades and improved procedures put in place in 2018, the Mill is currently producing the highest-purity V2O5 in its history, averaging approximately 99.6% V2O5, using innovative approaches never utilized in the past to recover vanadium from its existing pond solutions. The Company is currently selling this vanadium (as ferrovanadium) into the steel industry, and it continues to pursue opportunities to sell portions of this high-purity material into specialty chemical and aerospace markets, potentially at a premium to reported spot prices. The Company has successfully implemented this efficient, low-cost method of producing vanadium at the Mill with little capital exposure. As previously reported, the Company estimates that a total of up to four million pounds of recoverable V2O5 could reside in the Mill's pond solutions. This vanadium is currently being recovered at commercial rates of approximately 150,000-160,000 pounds of V2O5 per month, and as a result of expected seasonal influences, could increase to approximately 200,000-225,000 pounds per month in the warmer, dryer months of the year, settling back to current production rates in the winter months. Average production rates, taking into account these expected seasonal influences, are expected to be approximately 160,000-200,000 pounds per month on an annualized basis, which would exceed the average annualized production rates during the last five full conventional vanadium ore runs at the Mill since 2008, without having to mine a single ton of ore. Conservatively allowing for the uncertainties associated with a new project...