U.S. Uranium Company to Start Vanadium Production This Year
Date: Oct 8, 2018
In mid-November, Energy Fuels Inc. (EFR:TSX; UUUU:NYSE.American) intends to begin a new undertaking, producing vanadium from the pond solutions at its White Mesa mill, where 4 million pounds of the element are estimated to be recoverable.
With this endeavor, Energy Fuels will become North America’s only primary vanadium producer, according to the company, and because it owns the only mill that can process conventionally mined vanadium ore, it likely will maintain that status for some time.
“This position brings the potential for the company to generate significant cash flow in today’s strong vanadium price environment, especially with the steel industry recovering in the U.S.,” said President and CEO Mark Chalmers in a news release.
The median vanadium price as of Sept. 23, 2018, was $22.63 per pound, according to Metal Bulletin, whereas it was $9 a pound about a year earlier. This reflects a 150% price increase over that period.
To prepare for the production launch, Energy Fuels retrofitted and upgraded the mill’s vanadium recovery circuit. “While the mill has never to date attempted to commercially recover vanadium dissolved in the ponds, extensive on-site test work indicates that the project has a high probability for success,” noted the release.
