Near-Term Uranium and Vanadium Producer
George Glasier, President and CEO of Western Uranium Corp. shares how the company is focused on near-term production from existing mines.
Our properties are located only in the United States right now. We’re focused primarily on uranium though interestingly enough, we’ve got vanadium in our same deposits and vanadium has come up in price considerably in the last year. It’s doubled in price in fact. So, the new use that’s coming on for vanadium is the redux battery which is a battery that stores massive amounts of electricity over and over and over. There’s a huge project in China now to build the world’s largest battery. It’ll be a vanadium battery. The U.S. is the largest consumer in the world consuming over 50 million pounds and producing probably less than 2 million. If the president decides to put some kind of restriction in place, U.S. uranium will be more valuable in the US than potentially foreign uranium. So, we could see two tier pricing within the next six to nine months. What we’re focused on is near-term production from existing mines that have all the infrastructure there and are permitted. That will be the first production. And of course, my outlook on the uranium industry, I believe prices will start up in 2018. Now I think the action by Cameco especially which is a real world class producer is going to send a message to the utilities that they need to start buying and buying at prices that can support a worldwide uranium industry.
Western Uranium is a near-term producer that acquired uranium and vanadium mineral assets in western Colorado and eastern Utah from Energy Fuels Inc. in August 2014 and acquired addition uranium properties and ablation technology through the acquisition of Black Range Minerals Limited in September 2015. The operational head office is located in Nucla, Colorado under the leadership of George Glasier, Founder, President and CEO.
Western Uranium management led a group of mine contractors, investors, potential investors, and analysts to a tour of the Sunday Complex. The group reviewed the surface uranium stockpiles, above ground infrastructure, and the power grid at the Complex.
After reviewing the geological maps that detailed mineralized drill holes, the group proceeded in buggies to various underground areas at the Sunday Complex to see the extensive underground infrastructure along with the uranium and vanadium rich chambers.
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