- “Energy Fuels will always, first and foremost, be a uranium producer,” says CEO
- Company is playing it smart with financial stability, scalable production and additional revenue streams that utilize existing facilities
- Additional revenue streams include rare earth elements, vanadium, uranium recycling, and land clean-up
Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company that supplies major nuclear utilities and is making huge moves into the rare earth elements (“REE”) space, is debt free and boasts diverse cash-flow-generating opportunities. In addition to uranium and REEs, the company produces vanadium, recycles uranium-bearing products and participates in land clean-up initiatives.
“Energy Fuels will always, first and foremost, be a uranium producer,” said Energy Fuels president and CEO Mark S. Chalmers (https://ibn.fm/TMadM). “We have been the number one uranium miner in the U.S. since 2017, a position we intend to keep for many years to come. However, when other complementary business opportunities arise with the potential to create significant cash flow utilizing our existing facilities and workforce, we will always take a hard look at them with an eye toward building shareholder value.”
An exciting development for the company is in rare earth minerals (“REEs”). By taking advantage of existing infrastructure and proven technologies, Energy Fuels has the potential to be one of the lowest-cost REE producers in the Western world. The company recently produced a rare earth carbonate on a pilot scale from natural monazite ore at its 100% owned White Mesa Mill, located near Blanding, Utah.
Energy Fuels recently announced that it secured a long-term supply of high-grade REE and uranium-bearing monazite from The Chemours Company. The company expects to be in commercial production of a mixed RE carbonate in Q1 2021. Upon successful ramp-up, Energy Fuels will be producing an REE product at a more advanced stage than any other U.S. company.
This REE concentrate was produced using infrastructure and technologies already available and in operation at the mill. The process recovered high concentrations of REEs from the monazite sands, in addition to the contained uranium.
In addition, uranium is seeing an increase in demand as countries turn toward carbon-free energy options. Nuclear energy, fueled by uranium, provides a reliable and affordable option. This clean solution gives off zero carbon emissions or air pollution.
In 2019 the U.S. nuclear industry generated more than 809 billion kilowatt-hours of electricity, enough to power more than 66 million homes. Yet, in 2019 the U.S. produced almost no uranium, making the nation almost completely dependent on imports (https://ibn.fm/QVTY8). As a result, there is bipartisan support for the U.S. government to create a strategic U.S. uranium reserve, similar to the strategic petroleum reserve, meant to revive and expand the production of domestic uranium. For the first time since 1972, the Democrat platform supports nuclear, and the industry is experiencing bipartisan support.
Even with the promise of growth in the REE and uranium industries, Energy Fuels is playing it smart by creating financial stability, scalable production and additional revenue streams that utilize existing facilities. The company became debt free in October 2020, and Energy Fuels can quickly increase uranium production from three different uranium production facilities: one currently in operation and two on operational standby. The company also owns several additional licensed and constructed mines to feed those production facilities; additional revenue streams include vanadium, uranium recycling and land clean-up.
Finally, Energy Fuels is helping in the clean-up of Cold War-era, government uranium sites. The White Mesa Mill is the only facility in the country that can recycle clean-up material into salable uranium. The company is also currently supporting the clean-up of a private mine in New Mexico and a pilot-scale project on Navajo Nation, which has been delayed due to COVID-19.
For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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