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Uranium Energy Corp Restarts Production at Christensen Ranch
On August 6, 2024, Uranium Energy Corp (UEC) successfully resumed uranium production at its Christensen Ranch In-Situ Recovery (ISR) mine located in Wyoming. This marked a significant milestone for UEC as it seeks to capitalize on the growing demand for uranium in the global market.
Initial uranium concentrations from the production process have met expectations, signaling a strong operational restart. UEC has meticulously completed drilling, casing, and optimizing wellfield patterns to enhance the efficiency of Mine Unit 10, setting a solid foundation for future growth.
Future Production and Expansion Plans
Looking ahead, UEC plans to expand production further in 2025. The company anticipates its first shipment of yellowcake, a type of uranium concentrate, in November or December 2024. To support this initiative, UEC is utilizing funds from its existing cash reserves and intends to sell the uranium at prevailing spot market prices to maintain a 100% unhedged position.
Additionally, the uranium produced from Christensen Ranch will be processed at the fully operational Irigaray Central Processing Plant, with a current licensed capacity of 2.5 million pounds of U3O8 per year. UEC is also actively working on a detailed wellfield startup plan and has filed for an application to increase the processing plant’s capacity to 4 million pounds U3O8 annually.
Resource Potential and Industry Outlook
UEC’s projects in Wyoming boast substantial uranium resources, with total measured and indicated resources amounting to 66.198 million pounds U3O8 and inferred resources of 15.54 million pounds. The robust resource base positions UEC favorably within the changing dynamics of the uranium market.
Source: [Uranium Energy Corp press release, August 2024]
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