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Released July 24, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. nuclear power-generation sector breathed a sigh of relief earlier this month, when the Trump administration opted not to impose quotas on imports of uranium. Domestic nuclear generators depend largely on foreign producers for uranium; 90% of the 40 million pounds purchased by U.S. nuclear plants in 2018 were from foreign countries, with Canada accounting for the most at 24%, according to the U.S Energy Information Administration (EIA). Industrial Info is tracking nearly $10 billion in active uranium-related projects in the U.S. and Canada.
Click on the image at right to see an EIA graph detailing countries that produce uranium consumed by U.S. nuclear plants.
Although Commerce Secretary Wilbur Ross had earlier said that high volumes of foreign-produced uranium imports posed a threat to national security, Trump countered in a statement that "a fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain is necessary at this time." The Trump administration has been searching for ways to make nuclear generation more economically viable, in the face of rising competition from cheaper natural gas and renewable sources.
Domestic uranium production is moving at a snail's pace. Last year saw the lowest production levels since 1950, and no one is likely to break ground on a new uranium mine anytime soon. Most of the proposed new-mine projects in the U.S. are currently ranked by Industrial Info's project database as having a low likelihood of beginning construction, at least as planned. For more information, see May 19, 2019, article - EIA: U.S. Uranium Production Lowest Since 1950.
At least one domestic proposal to expand uranium production is looking at better odds: Anfield Energy Incorporated's (Burnaby, British Columbia) restart and expansion of the Velvet Wood Uranium Mine in La Sal, Utah. Anfield has proposed reviving the underground facility, closed since 1984, which it believes holds about 810,800 tons of ore. For more information, see Industrial Info's project report.
In a press release earlier this year, Anfield executives said that while global nuclear-power trends are favorable, "the low uranium spot and term prices do not incentivize current or future uranium production--as shown via the shuttering of mines by a number of uranium producers worldwide--while the continued reluctance of U.S. utilities to enter the long-term uranium market means that there seems to be no near-term path to an increase in pricing." The company also noted that a global shortfall of uranium could bolster demand.
Elsewhere in Utah, the U.S. Department of Energy is just reaching the tenth year of its Uranium Mill Tailings Remedial Action (UMTRA) Project in Moab. The government is cleaning up a contaminated, 130-acre site, including the removal of 16 million tons of uranium tailings. Projects like these have turned off many local residents, particularly indigenous Americans, to uranium development: In the Navajo Nation reservation, which covers areas of Utah, Arizona and New Mexico, more than 500 abandoned uranium mines have yet to see any significant remediation, according to The Salt Lake Tribune. For more information, see Industrial Info's project report.
Canada, which is the world's second-largest uranium producer, has been the largest source of uranium purchased by U.S. civilian nuclear power plants for the past four years. The province of Saskatchewan is home to several proposals for new uranium mines, including:
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right to see an EIA graph detailing countries that produce uranium consumed by U.S. nuclear plants.Although Commerce Secretary Wilbur Ross had earlier said that high volumes of foreign-produced uranium imports posed a threat to national security, Trump countered in a statement that "a fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain is necessary at this time." The Trump administration has been searching for ways to make nuclear generation more economically viable, in the face of rising competition from cheaper natural gas and renewable sources.
Domestic uranium production is moving at a snail's pace. Last year saw the lowest production levels since 1950, and no one is likely to break ground on a new uranium mine anytime soon. Most of the proposed new-mine projects in the U.S. are currently ranked by Industrial Info's project database as having a low likelihood of beginning construction, at least as planned. For more information, see May 19, 2019, article - EIA: U.S. Uranium Production Lowest Since 1950.
At least one domestic proposal to expand uranium production is looking at better odds: Anfield Energy Incorporated's (Burnaby, British Columbia) restart and expansion of the Velvet Wood Uranium Mine in La Sal, Utah. Anfield has proposed reviving the underground facility, closed since 1984, which it believes holds about 810,800 tons of ore. For more information, see Industrial Info's project report.
In a press release earlier this year, Anfield executives said that while global nuclear-power trends are favorable, "the low uranium spot and term prices do not incentivize current or future uranium production--as shown via the shuttering of mines by a number of uranium producers worldwide--while the continued reluctance of U.S. utilities to enter the long-term uranium market means that there seems to be no near-term path to an increase in pricing." The company also noted that a global shortfall of uranium could bolster demand.
Elsewhere in Utah, the U.S. Department of Energy is just reaching the tenth year of its Uranium Mill Tailings Remedial Action (UMTRA) Project in Moab. The government is cleaning up a contaminated, 130-acre site, including the removal of 16 million tons of uranium tailings. Projects like these have turned off many local residents, particularly indigenous Americans, to uranium development: In the Navajo Nation reservation, which covers areas of Utah, Arizona and New Mexico, more than 500 abandoned uranium mines have yet to see any significant remediation, according to The Salt Lake Tribune. For more information, see Industrial Info's project report.
Canada, which is the world's second-largest uranium producer, has been the largest source of uranium purchased by U.S. civilian nuclear power plants for the past four years. The province of Saskatchewan is home to several proposals for new uranium mines, including:
- ALX Uranium Corporation's (Vancouver, British Columbia) Hook-Carter Mine & Mill near La Loche; see project report
- Denison Mines Corporation's (Saskatoon, Saskatchewan) Wheeler River Mine near McClean Lake; see project report
- JCU Exploration Company Limited's (Tokyo, Japan) Christie Lake Mine & Mill near Pinehouse; see project report
- Skyharbour Resources Limited's (Vancouver) Moore Lake Mine & Mill near Pinehouse; see project report
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
