Energy Fuels expects the price and the amount of uranium it sells to decline in the second half of this year as the company works to complete new mining and production facilities.
On uranium production and prices:
The company expects to sell 180,000 pounds of U3O8 to U.S. nuclear utilities at an expected price of approximately $54 to $58 per pound. So far this year, the company has sold 380,000 pounds of uranium for a weighted average realized price of $60.01 per pound.
On future production:
Energy Fuels said significant progress has been made so four conventional uranium and uranium/vanadium mines can resume ore production.
On the Utah rare earth project:
President and Chief Executive Mark Chalmers said Energy Fuels remains on schedule to complete ‘Phase 1’ of a rare earth project at the White Mesa Mill in Utah. Following modifications and enhancements to existing buildings, the facility is expected to have the capacity to produce approximately 800 to 1,000 metric tons of separated neodymium-praseodymium, or NdPr, oxide each year, Chalmers said. The company expects to begin pilot work on “heavy” rare earth separation, including producing production separated dysprosium and terbium oxides later this year.
On mining in Brazil:
In the first half of this year Energy Fuels completed 2,266 meters of sonic drilling at the Bahia Project “to confirm and further delineate the rare earth, titanium, and zirconium mineralization.” It expects to conduct more sonic drilling in the third quarter, with results to be disclosed later this year.
Write to Stephen Nakrosis at [email protected]
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