Energy Fuels sees FY uranium output at lower-end of guidance
US-based uranium producer Energy Fuels expects production for 2024 to fall at the lower end of its previously guided 150 000 lb to 500 000 lb of uranium oxide (U3O8), owing to delays in transporting ore across Navajo Nation lands.
The company expects finished uranium oxide output of between 150 000 lb and 200 000 lb, sourced from stockpiled alternate feed materials and newly mined ore.
On July 31, the Navajo Nation implemented a ban on transporting radioactive materials through its territory without prior agreements. This impacted Energy Fuels' ability to truck material from the Pinyon Plain mine, in Arizona, to the White Mesa mill, in Utah.
During a conference call last week, Energy Fuels CEO Mark Chalmers reported that negotiations with the Navajo Nation regarding transportation agreements had been constructive. The company was seeking a long-term solution which would benefit both parties and had offered to assist with the cleanup of abandoned uranium mines in the area.
Mining at the Pinyon Plain mine site is ongoing, with mined ore containing about 180 000 lb of U3O8 being stockpiled at site. This is expected to be processed at the mill later in 2024 or in early 2025.
Further, Energy Fuel stated that it held nearly one-million pounds in finished and work-in-progress inventory. “The mill processing will be running well into next year and beyond and there’ll be a bit of a catch up. It is really just a lag in getting the material at the site and being able to process it,” said Chalmers.
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