Energy Fuels CEO: We Have the Only Vanadium Processing Plant in North America


Date: Feb 12, 2019

Energy Fuels‘ (TSX:EFR,NYSEMKT:UUUU) Mark Chalmers feels optimistic about the future prospects for both the uranium and vanadium markets. As the largest uranium producer in the US and the only primary producer of vanadium in the country, Energy Fuels is positioned to capitalize on the strategic interest of the US on these two critical materials.

In the interview below, Chalmers describes the landscape for both the uranium and vanadium markets, particularly with regards to their role in the green economy. He also addresses what it means to be a US-based producer in a time where the country is focused on developing domestic production of critical materials.

Q: How is it that your company is positioned for growth in the green economy? What makes your properties key to supplying increasing demand in that sector?

MC: I think that the fact that we are producers of both uranium and vanadium really is a differentiator for the company. We’re the largest producer of uranium in the US, and the only primary producer of vanadium. That is a unique combination because you have baseload energy with uranium and vanadium is getting increasing attention for renewable energy storage, as well as its common use as a steel strengthener. I’m proud of how we are positioned in this space.

Q: Let’s talk about the growing demand for uranium. If we’re going to be moving to greener sources of power generation, we’re going to need uranium.

MC: Correct. I think that there’s a growing realization that you cannot get there with renewables alone. Nuclear power use is growing particularly in Asia, India and is pretty stable in the other parts of the world. You’re not going to get there without a clean baseload energy like nuclear.

Q: There’s a sense that nobody is building nuclear power generation plants any longer. That’s not true, is it?

MC: No it’s not true. Most of the growth is in China, India, and of course, there are a number of reactors that are being constructed today. There’s a few in the US and in Europe, but the growth is definitely in these developing countries.

Q: For anybody who’s concerned about CO2 production, the greatest sources of CO2 in the world are coming out of both China and India with the burning of coal to produce electricity, correct?

MC: Yes. Fossil fuels generate a lot of greenhouse gas emissions and nuclear doesn’t. So, if you’re really serious about climate change, you have to be in support of nuclear energy.

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