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Released October 04, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Domestic production of uranium concentrate in 2018 is likely to be at its lowest level since the early 1950s, according to the U.S. Energy Information Administration (EIA). Through the first six months of 2018, uranium concentrate production totaled 592,000 pounds, down 50% compared with the first half of 2017. Industrial Info is tracking more than $3.5 billion in U.S. uranium mining project activity in the U.S., but more than half of that amount is tied to projects that are assessed as having a low probability of moving forward as planned, amid poor market conditions.
In 2017, U.S. uranium production supplied 3 million pounds, or only 7% of the uranium bought by U.S. power plants. Owners and operators of U.S. nuclear power plants purchased 40 million pounds of uranium from foreign suppliers, according to the EIA's Wednesday Today in Energy report. Canada, Australia, Russia, Kazakhstan and Uzbekistan represented the top five countries of origin and together accounted for 84% of total U.S. uranium purchases in 2017.
U.S. domestic uranium concentrate production began in 1949 and peaked in 1980, according to the EIA. Uranium concentrate production totaled 2.3 million pounds of triuranium octoxide (U3O8) in 2017, the lowest level since 2003.
Purchases of uranium concentrate for U.S. commercial nuclear power reactors in 2017 were 15% lower than the 2016 total of 50.6 million pounds, and were the lowest since 1998. Increasing unit retirements and rising inventories were factors in the drop in purchases, the EIA said, noting that the September closing of the Oyster Creek Nuclear Generating Station in New Jersey marked the sixth reactor to retire in the past 12 years. For more on Oyster Creek, see September 18, 2018, article - Exelon Permanently Shuts Down Oyster Creek Nuclear Station.
Twelve additional U.S. reactors have announced planned retirements within the next seven years, the EIA said.
In an effort to bolster U.S. uranium production, the U.S. Department of Commerce launched an investigation in July into uranium imports, citing their potential impact on national security. The Department of Commerce listed several considerations that prompted the investigation, noting that uranium-powered U.S. commercial nuclear reactors produced 20% of the electricity for the U.S. grid. Also, uranium is a key component in the U.S. nuclear arsenal, and powers the Navy's nuclear fleet. For more information, see July 19, 2018, article - U.S. Commerce Probe of Uranium Imports Could Help Revive Domestic Production.
One of the uranium mine projects tracked by Industrial Info is a potential restart/expansion of the underground Velvet-Wood mine near La Sal, Utah. The project is under economic evaluation by Anfield Resources Incorporated (Vancouver, British Columbia). The mine has been closed since 1984. The operation would have 810,800 tons of ore resources over a seven-year mine life. If the project proceeds as planned, construction would kick off in second-quarter 2020, with completion in second-quarter 2021. For more information, see Industrial Info's 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.
In 2017, U.S. uranium production supplied 3 million pounds, or only 7% of the uranium bought by U.S. power plants. Owners and operators of U.S. nuclear power plants purchased 40 million pounds of uranium from foreign suppliers, according to the EIA's Wednesday Today in Energy report. Canada, Australia, Russia, Kazakhstan and Uzbekistan represented the top five countries of origin and together accounted for 84% of total U.S. uranium purchases in 2017.
U.S. domestic uranium concentrate production began in 1949 and peaked in 1980, according to the EIA. Uranium concentrate production totaled 2.3 million pounds of triuranium octoxide (U3O8) in 2017, the lowest level since 2003.
Purchases of uranium concentrate for U.S. commercial nuclear power reactors in 2017 were 15% lower than the 2016 total of 50.6 million pounds, and were the lowest since 1998. Increasing unit retirements and rising inventories were factors in the drop in purchases, the EIA said, noting that the September closing of the Oyster Creek Nuclear Generating Station in New Jersey marked the sixth reactor to retire in the past 12 years. For more on Oyster Creek, see September 18, 2018, article - Exelon Permanently Shuts Down Oyster Creek Nuclear Station.
Twelve additional U.S. reactors have announced planned retirements within the next seven years, the EIA said.
In an effort to bolster U.S. uranium production, the U.S. Department of Commerce launched an investigation in July into uranium imports, citing their potential impact on national security. The Department of Commerce listed several considerations that prompted the investigation, noting that uranium-powered U.S. commercial nuclear reactors produced 20% of the electricity for the U.S. grid. Also, uranium is a key component in the U.S. nuclear arsenal, and powers the Navy's nuclear fleet. For more information, see July 19, 2018, article - U.S. Commerce Probe of Uranium Imports Could Help Revive Domestic Production.
One of the uranium mine projects tracked by Industrial Info is a potential restart/expansion of the underground Velvet-Wood mine near La Sal, Utah. The project is under economic evaluation by Anfield Resources Incorporated (Vancouver, British Columbia). The mine has been closed since 1984. The operation would have 810,800 tons of ore resources over a seven-year mine life. If the project proceeds as planned, construction would kick off in second-quarter 2020, with completion in second-quarter 2021. For more information, see Industrial Info's 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.
