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Western Uranium & Vanadium Corp. 2021 Update
Toronto, Ontario and Nucla, Colorado, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) would
About this update from Western Uranium & Vanadium Corp.
[{"type":"text","content":" Toronto, Ontario and Nucla, Colorado, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) would like to provide the following update. Entering 2021, Western is excited about our competitive position, market opportunities, and the prospects for nuclear energy and uranium mining. Sunday Mine Complex Ready for Production Restart Western’s Sunday Mine Complex project during 2019/2020 established the mines are in “ready-to-produce” status. These permitted and developed conventional mines can be restarted with minimal capital expenditure. The first uranium/vanadium ore production was stockpiled underground and remains ready for delivery when COVID-19 and market conditions permit. U.S. Nuclear Industry Continues to Perform and Innovate The nuclear power industry responded to the challenges of COVID-19 as nuclear power generation set performance records and no reactors were shut down by pandemic challenges. The United States made large strides as the Nuclear Regulatory Commission extended reactor operating lives and the Department of Energy (“DOE”) championed over 50 domestic developers pursuing advanced nuclear technologies. Promising innovations included advanced nuclear power reactors, small modular reactors, microreactors, a versatile test reactor, accident tolerant fuels, and byproduct production of hydrogen. The Advanced Reactor Demonstration Program awarded over $200 million to 10 teams for development, demonstration, and construction of new reactor designs. While COVID-19 had society in lockdowns, the nuclear industry was ramping up baseload power production and progressing toward its next generation. Global Uranium Supply Imbalance Continues to Grow The pandemic had the opposite impact on uranium mining, the source of nuclear fuel. COVID-19 caused global supply-side mining disruptions due to mine shutdowns. This led to the lowest uranium production in over a decade, and created a global supply deficit where production was only about 2/3rds of consumption. The world’s three largest uranium producers were forced to buy in the spot market to meet contracts, drawing down available spot inventory. Supply will decline further when two mines, that avoided temporary shutdown, permanently close in early 2021. During 2020, COVID-19 significantly decreased uranium supply...