Colorado's Energy Fuels to reopen two San Juan County uranium mines

Energy Fuels Inc., a Colorado-based producer of uranium, rare earth elements and vanadium, has announced that, in response to strong uranium market conditions, it has resumed uranium production at two Utah mines, along with one in Arizona. The two permitted and developed Utah uranium properties are the Pandora and La Sal mines in eastern Utah’s San Juan County.

The Pinyon Plain mine in Coconino County, Arizona, is also in renewed production. Energy Fuels is also preparing to resume mining at mines in Colorado and Wyoming within a year and is seeking permitting on several other large-scale U.S. mine projects in order to increase uranium production in the coming years.

Ore mined from the three recently opened mines during 2024 will be stockpiled at the company’s White Mesa Mill near Blanding for processing in 2025, subject to market conditions. The White Mesa facility is the only operable conventional uranium mill in the U.S.

“Due to the substantial increase in uranium prices, U.S. government support for nuclear energy and nuclear fuel and a global focus on reducing carbon-emissions, Energy Fuels is resuming large-scale uranium production,” said Mark Chalmers, president and CEO of Energy Fuels. “Uranium spot prices are currently near $90 per pound, which is the highest level seen since 2007 when the uranium spot price reached a high of $135 per pound, or over $200 per pound on an inflation-adjusted basis. Energy Fuels has made the required investments over the past several years to prepare for today’s uranium markets, and we are uniquely positioned to successfully resume U.S. uranium production in 2024.”