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Energy Fuels hails approval, which allows it to expand Wyoming project
Energy Fuels Inc (TSE:EFR, NYSE:UUUU) says it has reached a key milestone – receiving the final licence amendment, and thereby approval, from the US nuclear authorities to expand its Nichols Ranch uranium project in Wyoming.
It now holds all of the permits, licences and approvals required to expand the project into the Jane Dough wellfields in the future, it told investors.
Jane Dough, which is adjacent to the currently producing Nichols Ranch wellfield, is important to sustain the company’s long-term uranium production at the site.
Currently from the Nichols Ranch operation it expects to produce around 350,000 pounds of triuranium octoxide.
Once all 13 header-houses in the Nichols Ranch wellfield have been constructed, the company expects to advance production at Nichols Ranch into the Jane Dough wellfield, which contains 22 header-houses that can be connected to the Nichols Ranch plant, it said.
Stephen P. Antony, president and chief executive of Energy Fuels, said the approval ensured the firm was able to produce uranium from its Nichols Ranch ISR (in-situ recovery) project over the long term as market conditions warrant.
“In my view, obtaining these approvals is validation of Energy Fuels’ successful track record of uranium production in Wyoming, and our commitment to safe operations and environmental protection.
“Uranium spot prices are up over 40 per cent since early December, 2016, and we are optimistic that we will continue to see positive market catalysts as the year goes on. As uranium prices continue to rise on a sustained basis, we expect to resume wellfield construction at Nichols Ranch, which is expected to include the Jane Dough wellfields in the future.”
Energy Fuels describes itself as a leading integrated US-based uranium mining company, supplying to major nuclear utilities.
It holds three of America’s key uranium production centres, the White Mesa mill in Utah, the Nichols Ranch processing facility in Wyoming and the Alta Mesa project in Texas.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175306/energy-fuels-hails-approval-which-allows-it-to-expand-wyoming-project-175306.html
