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U.S. Uranium Production Sees Significant Growth
Date: April 1, 2024
In the first quarter of 2024, the United States produced 82,533 pounds of uranium concentrate (U3O8), marking the highest production level for this period since 2018. This increase indicates a positive trend in the domestic uranium sector, driven by enhanced operational activities and workforce efficiency across various facilities.
The production was sourced from five facilities, four of which are located in Wyoming (Nichols Ranch ISR Project, Ross CPP, Lost Creek Project, Smith Ranch-Highland Operation) and one in Texas (Rosita). Each facility employed in-situ leach (ISL) methods for extraction, which remains the predominant mining technique for uranium in the country.
Market Trends and Inventory Insights
Date: April 1, 2024
As of the end of 2023, unfilled uranium market requirements for the period from 2024 to 2033 reached a total of 184 million pounds U3O8 equivalent (U3O8e). In contrast, existing contracts allow for maximum deliveries totaling 249 million pounds U3O8e. This disparity presents opportunities for future market engagement and likely heightened demand in the coming years.
Moreover, total U.S. commercial uranium inventories climbed to 152 million pounds U3O8e at the close of 2023, reflecting a 6% increase from the previous year. With three uranium mills—Shootaring Canyon and White Mesa in Utah, Sweetwater in Wyoming—currently on standby, discussions about potential restarts are emerging, indicating positive signs for U.S. uranium producers aiming to meet increasing market requirements.
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