Business
In Response to Surging Prices, Supportive Government Policies, and a Domestic Focus on Security of Supply, Energy Fuels Has Commenced Production at Three of its U.S. Uranium Mines
Nuclear energy is increasingly being recognized as a clean energy resource globally, while buyers seek non-Russian uranium supply; Energy Fuels is uniquely posi
About this update from Energy Fuels Inc.
[{"type":"text","content":" Nuclear energy is increasingly being recognized as a clean energy resource globally, while buyers seek non-Russian uranium supply; Energy Fuels is uniquely positioned to immediately increase uranium production through multiple assets in the U.S., including the only licensed and operating conventional uranium processing facility in the U.S. LAKEWOOD, Colo., Dec. 21, 2023 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\"), a leading U.S. producer of uranium, rare earth elements (\"REE\"), and vanadium, is pleased to announce that, in response to strong uranium market conditions, it has commenced uranium production at three (3) of its permitted and developed uranium mines located in Arizona and Utah. In addition, the Company is preparing two (2) additional mines in Colorado and Wyoming for expected production within one (1) year and advancing permitting on several other large-scale U.S. mine projects in order to increase uranium production in the coming years. Energy Fuels is in an exceptional position to ramp up U.S. uranium production to take advantage of today's highly favorable market conditions, where spot prices have reached a 16-year high at nearly $90.00 per pound of U3O8. Energy Fuels has more licensed uranium production capacity than any other U.S. company (over 10 million pounds of U3O8 per year), the only operable conventional uranium mill in the U.S., an in situ recovery (\"ISR\") facility, several permitted mines in various stages of production, development and standby, and one of the largest in-ground uranium (and vanadium) resource portfolios in the U.S. Energy Fuels has accounted for roughly two-thirds of all U.S. uranium production over the past five (5) years. Once production is fully ramped up at three (3) mines (Pinyon Plain, La Sal and Pandora) by mid- to late-2024, the Company expects to be producing uranium at a run-rate of 1.1 to 1.4 million pounds per year. Ore mined from the three (3) mines during 2024 will be stockpiled at the Company's White Mesa Mill in Utah (the \"Mill\") for processing in 2025, subject to market conditions, contract requirements and/or Mill schedule. The Company is also preparing two (2) mines (Whirlwind and Nichols Ranch) to commence uranium production within one (1) year, which would increase Energy Fuels' uranium production to over tw...