- Report forecasts demand for uranium fuel seeing consistent growth
- Increased demand fueled by nuclear energy playing an even larger role in the electricity and energy systems of tomorrow
- As the largest U.S. uranium producer, Energy Fuels holds three of America’s key uranium production centers
The World Nuclear Association’s Annual Nuclear Fuel Report projects that the demand for uranium fuel is set to increase over the next two decades (https://ibn.fm/XNptT). That’s good news for Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading U.S. uranium mining company.
“World nuclear generating capacity is set to continue its upward trend with demand for uranium fuel increasing over the period to 2040, according to the projections in the latest edition of World Nuclear Association’s Nuclear Fuel Report,” stated a recent World Nuclear News article. “Uranium resources are more than enough to meet that demand, but intense development of new projects will be needed in the current decade to avoid potential supply disruptions.”
The article went on to report that nuclear generation capacity is expected to grow by 2.6% annually, reaching 615 GWe by 2040 in the reference scenario of the organization’s most recent report. “Nuclear power currently generates about 10% of the world’s electricity,” the article observed. “It is expected to play an increasingly important role in future for reasons including its near-zero emissions of carbon dioxide and other pollutants; its on-demand, reliable and secure nature; and its long-term cost-competitiveness. In addition, its ability to produce near zero-carbon heat could help to decarbonize many hard-to-abate sectors of the economy.
“Given its unique combination of attributes — reliability, affordability, low-carbon and universal deployability — it is clear that nuclear energy will play an even larger role in the electricity and energy systems of tomorrow,” said World Nuclear association director General Sama Bilbao y León regarding the report.
A leading U.S. uranium mining company, supplying U3O8 to major nuclear utilities, Energy Fuels is ideally positioned to make the most of this anticipated growth in the nuclear energy space. The company holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year. The company is also producing rare earth elements at this facility, opening up a new line of business with the potential to drive significant cash flow in the coming years. The company also owns and operates the Nichols Ranch ISR Project, which is a uranium facility in Wyoming that is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. Energy Fuels also owns and operates the Alta Mesa ISR Project in Texas, which is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year.
In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.
For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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