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Uranium Production Resumes at Christensen Ranch
On August 6, 2024, Uranium Energy Corp (UEC) officially announced the successful restart of uranium production at its Christensen Ranch facility located in Wyoming. This facility had been inactive since 2018 and marks a significant advancement in reestablishing domestic uranium production within the United States. The commencement of operations comes at a time when both the local and global nuclear markets are on the rebound, highlighting the renewed focus on sustainability and energy diversification.
The initial production is taking place in Mine Unit 10, with uranium concentrations meeting initial expectations and projected to increase in the forthcoming weeks. UEC undertook substantial operational preparations such as re-installing critical equipment, performing electrical upgrades, and ensuring the operational readiness of the processing plant, which is essential for the efficient recovery of uranium from the mine.
Future Production and Market Outlook
Uranium extracted from the Christensen Ranch will be processed at the Irigaray Central Processing Plant, situated approximately 15 miles from the site. The Irigaray facility has an existing licensed capacity to process 2.5 million pounds of U3O8 per year. UEC is currently reviewing a license amendment to enhance this capacity to 4.0 million pounds annually, which demonstrates the company’s commitment to expanding production in response to favorable market conditions.
Furthermore, UEC is planning additional production growth through delineation drilling and the establishment of monitoring wells in Mine Unit 11. There are already 55 wellfield patterns drilled, cased, and prepared for production, with operations anticipated to commence in 2025. According to UEC President and CEO Amir Adnani, the global fundamentals for uranium are robust, with a promising outlook for an increase in nuclear energy demand.
The strategic development of the Irigaray facility and its surrounding projects has been signified by UEC’s acquisition of these assets from Uranium One Americas Inc in 2021, further solidifying its position in the North American uranium landscape. UEC’s Wyoming operations contain a total measured and indicated uranium resource estimate of 66.198 million pounds U3O8, along with inferred resources of 15.54 million pounds, underscoring its pivotal role in the industry.
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