Energy Fuels confident about $1.5bn investment in US uranium

By Jonathan Campion
The uranium company is optimistic that a mooted $1.5bn fund to create a uranium reserve in the US will come to fruition, despite early difficulties...

The US Department of Energy tabled a request for the 2021 Budget to include funding for domestic uranium development over the next 10 years. The CEO of Energy Fuels, Mark Chalmers, is confident that this request will be granted: “Our allies in Congress and the Trump Administration are pushing hard to fund $150-million a year to create the US uranium reserve. We are encouraged that the US Department of Commerce appears committed to negotiating an agreement that will provide concrete benefits to the US uranium mining sector.”

These comments come after the US Government’s treatment of the country’s uranium industry had previously been described as “slow and uneven”. 

Energy Fuels is well placed to capitalise on any investments made into the American uranium mining sector. Uranium spot prices are up 30% this year, as Covid-19-related mine closures have created a gap between supply and demand. The price was $32.25/lb as at 31 July. At the same time, the company is developing its production capacities, having resumed production at its White Mesa mill in Utah. 

By the end of the year, Energy Fuels forecasts that it will have between 640,000lb and 690,000lb of finished uranium in its inventory.

Share

Featured Articles

China-Indonesia Nickel Dominance Fears Following LME Listing

China-Indonesia joint-venture PT CNGR Ding Xing New Energy has nickel product listed on London Metals Exchange, sparking nickel domination fears

EU 2023 Figures show Mining has Stalled on GHG Emissions

European Union figures from Eurostat show that – although EU GHG emissions fell in 2023 – mining made no progress, with coal mining the worst culprit

Rio Tinto, not Anglo American, 'is BHP's Real Target'

As Anglo American restructures in face of takeover bid, experts believe BHP's real target is Rio Tinto, the world's second largest metals & minerals miner

Anglo American Rejects Latest BHP Bid for Copper Supremacy

Supply Chain & Operations

Investing in America Boost for US Critical Minerals Mining

Supply Chain & Operations

Australia Looks to Loosen China's Grip on Critical Minerals

Supply Chain & Operations