Western Uranium & Vanadium Corp. (WUC:CSE; WSTRF:OTCQX) provided in a news release comments about the U.S. Nuclear Fuel Working Group, which was recently afforded a 30-day deadline extension by President Trump.
The group's task is to evaluate and recommend solutions for re-establishing the domestic uranium supply chain and nuclear fuel cycle. "Stakeholders across the U.S. nuclear fuel cycle have found common ground as public proposals show alignment from the mining, conversion, enrichment and nuclear reactor operators in their recommendations," the release noted. In this process, Western submitted a recommendation that proposed the low-cost approach of conventionally mining uranium and vanadium, critical mineral co-products, from previously producing mines in the Uravan Mineral Belt that require minimal capital expenditures.
Once the president receives the working group's report, he is not required to act on it or do so within a specific time period.
In anticipation of action by the White House, however, Western advanced its Colorado-based uranium and vanadium Sunday Mine Complex to where it is ready to scale up production.
In the release, Western summarized the recent and current nuclear fuel cycle situation. The front-end of the cycle has declined in the U.S. due to having to compete with foreign, state-sponsored companies that are attempting to increase market share with price-insensitive actions resulting in unprofitable market conditions for domestic companies, the company noted.
This has led to the suspension of uranium conversion services and the shutdown of enrichment services, which could be providing domestic supply, to be used, in part, for national defense purposes. As it stands now, future U.S. uranium production is projected to meet less than 1% of the country's needs, the company stated.
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