Business
Energy Fuels Resumes Vanadium Production; Launches Initiatives to Boost Readiness for Potential Uranium Market Improvement; Provides 2019 Guidance
LAKEWOOD, CO, Jan. 7, 2019 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading producer of uranium and vanadi
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, Jan. 7, 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 announce that it has resumed vanadium production at its 100%-owned White Mesa Mill (the \"Mill\"), making the Company the newest producer in the World able to respond to today's vanadium market strength. The Company is also pleased to announce that it has launched a number of key initiatives intended to boost the ability of the Company to quickly and effectively increase uranium production in response to improved uranium market conditions that may result from the ongoing Section 232 uranium investigation in the United States or improvement in global market fundamentals. Finally, the Company provides uranium and vanadium production and sales guidance for 2019. Vanadium Production Resumes In December 2018, the Company commenced a campaign to recover vanadium pentoxide (\"V2O5\") from existing tailings pond solutions at the Company's White Mesa Mill, which result from past mineral processing operations. In early January 2019, the Company produced its first batches of vanadium concentrate, also known as \"black flake\". This is Energy Fuels' first vanadium production since 2013, and the first time the Company has recovered vanadium from tailings pond solutions at the Mill. The Company is also pleased to announce that the first batches of \"black flake\" are of excellent quality and purity, and believed by the Company to meet or exceed the commercial specifications of potential buyers of high quality finished vanadium product. The Mill is the only operating conventional uranium and vanadium production facility in the United States and is highly strategic, as uranium and vanadium are two (2) of the thirty-five (35) \"mineral commodities considered critical to the economic and national security of the United States\", according to the Final List of Critical Minerals published by the U.S. Government in May 2018. V2O5 \"black flake\" Produced at the White Mesa Mill in January 2019 The Company intends to continue to ramp-up vanadium production from this campaign during Q1-2019, and at this time expects to achieve full production rates of 200,000 to 225,000 pounds of V2O5 per month by the end of the quarter, subject to continued succe...