nuclear-news

Uranium miner at Grand Canyon halting, due to poor uranium market

Work for uranium mine near Grand Canyon hits pause  Arizona Daily Star, 7 Nov 13 The Associated Press FLAGSTAFF — A uranium mining company that was sinking a shaft for a mine south of Grand Canyon National Park has put the work on hold, citing market conditions and the expense of litigation. Energy Fuels Resources Inc. said the operation will be on standby until December 2014 or until a ruling is issued in a federal case challenging the U.S. Forest Service’s decision to allow development of the Canyon Mine near Tusayan. The company had planned to start extracting 83,000 tons of ore to produce 1.6 million pounds of processed uranium, or yellow cake, in 2015 but now will have to re-evaluate the timeframe….

….Prices for uranium have dropped to the mid-$30s per pound on the spot market, among the lowest in the past five years. http://azstarnet.com/ap/state/work-for-uranium-mine-near-grand-canyon-hits-pause/article_643f8e19-f2a1-565e-ad6b-7acb0ac2a625.html

November 7, 2013 - Posted by Christina Macpherson | business and costs, Uranium, USA