Three uranium mines open in the US

Energy Fuels is seeking to increase its uranium production off the back of strong market conditions. Credit: S. Hermann / F. Richter from Pixabay.

Three new uranium mines in the US began production at the end of last year. US mining company Energy Fuels opened the mines in Arizona and Utah in response to strong market conditions.

At the end of November last year, uranium prices reached more than $80 per pound (lb) for the first time in more than 15 years. Commenting on the attractive market conditions, Mark Chalmers, CEO of Energy Fuels, said: “Due to the substantial increase in uranium prices, US Government support for nuclear energy and nuclear fuel, and a global focus on reducing carbon emissions, Energy Fuels is resuming large-scale uranium production.”

In a technical report in 2022, the company estimated total proven and probable reserves of 1,567,800lb of triuranium octoxide (U₃O₈), a compound of uranium, in Pinyon Plain in Arizona. The La Sal Project complex of uranium/vanadium mines in eastern Utah has 4.3 million pounds of (U₃O₈) in the inferred category.

Energy Fuels is also looking to commence production at mines in Colorado and Utah in the next year. This would increase its uranium production to more than two million pounds of (U₃O₈) by 2025, “if strong market conditions continue as expected”.

Further permitting and development of projects in New Mexico, Wyoming and Utah could lead to production of five million pounds of (U₃O₈) per year in the coming years.

Higher prices and strong uranium market conditions are largely caused by burgeoning interest in nuclear power as a vital energy source across the world. Focus on nuclear has been particularly strong in the US, where the Biden administration signalled its commitment last year by offering $1.2bn in aid to extend the life of distressed nuclear power plants.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

View profiles in store

Company Profile – free
sample

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData

Country *
UK
USA
Afghanistan
Åland Islands
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bonaire, Sint
Eustatius
and
Saba
Bosnia and Herzegovina

Botswana
Bouvet Island
Brazil
British Indian Ocean
Territory
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic

Chad
Chile
China
Christmas Island
Cocos Islands
Colombia
Comoros
Congo
Democratic Republic
of
the Congo
Cook Islands
Costa Rica
Côte d”Ivoire
Croatia
Cuba
Curaçao
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
French Southern
Territories

Gabon
Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guinea-Bissau
Guyana
Haiti
Heard Island and
McDonald
Islands

Holy See
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran
Iraq
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Kiribati
North Korea
South Korea
Kuwait
Kyrgyzstan
Lao
Latvia
Lebanon
Lesotho
Liberia
Libyan Arab Jamahiriya

Liechtenstein
Lithuania
Luxembourg
Macao

Macedonia,
The
Former
Yugoslav Republic of
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Myanmar
Namibia
Nauru
Nepal
Netherlands
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands

Norway
Oman
Pakistan
Palau
Palestinian Territory
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn
Poland
Portugal
Puerto Rico
Qatar
Réunion
Romania
Russian Federation
Rwanda
Saint
Helena,
Ascension and Tristan da Cunha
Saint Kitts and Nevis
Saint Lucia
Saint Pierre and Miquelon

Saint Vincent and
The
Grenadines

Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
South Africa
South
Georgia
and The South
Sandwich Islands
Spain
Sri Lanka
Sudan
Suriname
Svalbard and Jan Mayen

Swaziland
Sweden
Switzerland
Syrian Arab Republic
Taiwan
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands

Tuvalu
Uganda
Ukraine
United Arab Emirates
US Minor Outlying Islands

Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
British Virgin Islands

US Virgin Islands
Wallis and Futuna
Western Sahara
Yemen
Zambia
Zimbabwe
Kosovo

Industry *

Academia & Education
Aerospace, Defense &
Security
Agriculture
Asset Management
Automotive
Banking & Payments
Chemicals
Construction
Consumer
Foodservice
Government, trade bodies
and NGOs
Health & Fitness
Hospitals & Healthcare

HR, Staffing &
Recruitment
Insurance
Investment Banking
Legal Services
Management Consulting
Marketing & Advertising

Media & Publishing
Medical Devices
Mining
Oil & Gas
Packaging
Pharmaceuticals
Power & Utilities
Private Equity
Real Estate
Retail
Sport
Technology
Telecom
Transportation &
Logistics
Travel, Tourism &
Hospitality
Venture Capital

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Submit and
download

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Following Russia’s invasion of Ukraine, western nations are also looking to diversify away from Russian uranium to fuel their nuclear projects, with US President Joe Biden and Canadian Prime Minister Justin Trudeau pledging during a meeting in March last year to secure fuel from “like-minded allies”.