GILLETTE, Wyo. — Uranium Energy Corp, which has an in-situ recovery mining uranium platform in Wyoming, announced today it’s been selected as a domestic producer for the U.S. Department of Energy’s National Nuclear Security Administration.
The National Nuclear Security Administration requested proposals to establish its strategic uranium reserve program.
Uranium Energy Corp won a $17.85 million award to supply 300,000 pounds of U.S.-origin U3O8 uranium concentrates at $59.50/lb. to the National Nuclear Security Administration. The award Uranium Energy Corp. received is part of a $75 million package Congress authorized in 2020 to support the country’s nuclear fuel supply chain.
The Uranium Reserve was originally designed as a 10-year, $1.5 billion, plan to boost the domestic uranium and conversion industry.
The delivery will be made by book transfer in the first quarter of 2023. UEC currently holds U.S.-origin uranium in its accounts.
Uranium Energy Corp President and CEO Amir Adnani said the U.S. nuclear reactor fleet that provides about 20% of America’s electricity production and over half of its clean energy imports nearly 60% of its current uranium requirements from Russia, Kazakhstan and Uzbekistan.
“The U.S. overdependence on these imports creates untenable energy and national security risks that need immediate high-priority attention from industry and the federal government,” he said.
Uranium Energy Corp. Chairman Spencer Abraham said the Uranium Reserve revitalizes the U.S.’s ability to fuel the existing reactor fleet as well as new advanced reactors. Abraham is a former U.S. Energy Secretary.
The company has two production-ready in-situ recovery hub and spoke platforms in South Texas and Wyoming. The Irigaray Central Processing Plant in Johnson County is the hub for the Wyoming project. The Wyoming project has 12 project areas, which include the Moore Ranch Project and the Reno Creek Project in Campbell County. A portion of Christensen Ranch, which the company maintains, is in Campbell County.
The Company has one of the largest physical uranium portfolios of North American warehoused U3O8, a major equity stake in Uranium Royalty Corp. and a Western Hemisphere pipeline of resource-stage uranium projects.