(Associated Press, March 19) – The U.S. government approved plans Tuesday to expand a Wyoming uranium mine while it considers a proposed new mine by the same developer not far away.
The U.S. Bureau of Land Management will allow Littleton, Colorado-based Ur-Energy to more than double the surface area of its Lost Creek Mine while tapping deeper deposits underlying the sagebrush country of south-central Wyoming.
The BLM is meanwhile considering the company’s plans for a new mine in Shirley Basin about 50 miles east of Lost Creek. The BLM is taking initial comments from the public on that proposal until Monday.
Wyoming has six operational in-situ uranium mines, including associated mining facilities. Lost Creek, which began production in 2013, is among the newest and will encompass as much as 15 square miles once expanded.
The Shirley Basin Mine would be built at a conventional, surface-pit uranium mining site that operated from the 1960s to the 1990s.
“There is a remnant ore body that’s still there and it’s relatively shallow and good grade,” said John Cash, Ur-Energy vice president of regulatory affairs.
Global uranium prices topped $130 a pound of uranium concentrate in 2007 but hit a decline made worse by the 2011 Fukushima reactor meltdown in Japan. Prices are up somewhat from a year or two ago but at $28 still well below their peak.
Some investors are bullish nonetheless about nuclear energy and the uranium market amid global demand for cleaner, low-carbon energy sources. Projects such as Lost Creek are fundamental to the U.S. energy portfolio, Assistant Interior Secretary for Lands and Minerals Joseph Balash said in a BLM release.