The Lakewood, Colorado-based company said in a press release that in December, it began an effort to recover vanadium pentoxide from tailings pond solutions at White Mesa related to mineral processing. This month, the company produced its first batches of vanadium concentrate, also known as "black flake."
“We are extremely pleased with the quality and purity of our initial batches of finished vanadium product,” CEO Mark S. Chalmers said in a statement.
Energy Fuels said it may achieve full production rates of 200,000 to 225,000 pounds of vanadium pentoxide per month by the end of the quarter.
The company added in the press release that it begun several initiatives to enhance its ability to respond to improved uranium market conditions that may result from the ongoing Section 232 uranium investigation in the US or a boost in the global uranium market fundamentals.
Energy Fuels and Littleton, Colorado-based Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) are asking President Donald Trump to impose a quota that would reserve 25% of the US market for domestic uranium producers. The Commerce Department is conducting an investigation under Section 232 of the Trade Expansion Act of 1962 to determine if uranium imports are undermining national security.
During 2019, the Company plans to invest about $4.2 million in initiatives at the following projects: the La Sal Complex, the Nichols Ranch and Alta Mes in situ recovery projects and the Canyon Mine.
Shares of Energy Fuels climbed US$0.23 to US$3.02 in Friday’s New York trading. They advanced C$0.27 to C$4.03 in Canada.
On Monday, shares in Toronto gained 1.99% to $4.11.
Contact Dennis Fitzgerald at [email protected]