UUUU - Ur-Energy To Develop Wyoming Uranium Mine As Prices Soar Sales Contracts Grow | Benzinga
Colorado-based uranium miner Ur-Energy Inc. (NYSE:URG) said Wednesday it will build out its Shirley Basin mine in Wyoming, making it the latest company to move projects forward as the price of the nuclear fuel soars.
The development will nearly double the company's permitted mine production capacity to 2.2 million pounds. The project is wholly owned by the company and fully permitted and licensed in Carbon County, Wyoming.
"This decision was based on our growing uranium sales contract book, a strong uranium market price and an expectation of growing demand for uranium as nations increasingly move toward clean nuclear power," the company said.
At Shirley Basin, Ur-Energy plans to build a plant capable of producing up to 1 million pounds a year of uranium ore concentrate, also known as yellowcake, uranium oxide or U3O8. It will also develop a wellfield for its fluid-based uranium extraction process.
Operating Costs Would Give Ur-Energy Substantial Margin
Initial facility capital costs will be about $24.4 million and wellfield development costs will be $16.3 million. The company expects sustaining capital expenditures to be $9.2 million over the life of the ...