The United States made a significant achievement this year by producing more uranium during Q1 than the entire duration of 2023.
The American Energy Information Administration (EIA) revealed Thursday that 82,000 pounds of uranium concentrate was churned out of domestic mines between January and March. That’s 64 per cent more than the 50,000 pounds produced throughout 2023.
However, the quantity is still insignificant compared to the 194,000 pounds produced in 2022. The lack of U.S. uranium last year is primarily attributable to a production halt at Utah’s White Mesa Mill run by Energy Fuels Inc. (NYSE American: UUUU).
White Mesa’s owner, the top American uranium producer, focused on using that facility for processing other materials like vanadium and rare earth elements last calendar year.
Five in-situ recovery operations in Nebraska and Wyoming were responsible for 2023’s 50,000-pound yield.
These annual uranium quantities produced within the U.S. in recent years are minuscule compared to the vast amounts produced between the 1950s and 1980s. Domestic production peaked in the early 80s at about 43 million pounds per annum before steadily declining.
Many expect the upswing to return more than it already has in recent months, but it is extremely unlikely that 20th century production rates will ever be achievable again due to the depletion of American resources and other factors.
📰Today @EIAgov notes US produced over 82,000 lbs of #Uranium in Q1 of 2024, more than was mined in all of 2023😯 but fails to mention that US #Nuclear reactors consume nearly 50 MILLION lbs PER YEAR!🤯 US U #mining meets just 0.17% of demand.🤏🤪😂https://t.co/G84JqorDbO pic.twitter.com/JKbYiI17vW
— John Quakes (@quakes99) August 8, 2024
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U.S. mining only provides 0.17% needed domestically
In previous decades the country was capable of providing for its own uranium needs, for the most part. But now, the U.S. primarily relies on foreign suppliers like Kazakhstan, Canada, Australia, Namibia and Uzbekistan.
Reliance on these countries for nuclear reactor fuel needs became even more important when the U.S. decided to implement laws banning Russian uranium imports earlier this year. The Kremlin was a significant supplier in previous years, providing about 12 per cent of the required amount to the Americans in 2023.
Canada was the top supplier last year by far though, accounting for 27 per cent of United States imports.
Both the U.S. and Canada have increased their rate of uranium exploration immensely in the past few years. Between 2021 and 2023 the Americans went from drilling 260 holes per year to 1,930.
Meanwhile up north, Saskatchewan’s prolific Athabasca Basin and other regions have been attracting uranium explorers at home and abroad. Several Australian operators in particular, as well as newly active domestic miners like ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U), Forum Energy Metals Corp. (TSX-V: FMC) and Stallion Uranium Corp. (TSX-V: STUD).
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rowan@mugglehead.com
