In consideration of the ongoing uncertainty in the uranium and securities markets, Energy Fuels has taken a number of steps to reduce its rate of spending. Energy Fuels’ capital preservation strategy is being implemented to ensure that the Company will be in place with strong, developed assets, ready to catch any significant upswing in the uranium market. Effective November 21, 2008, the recently permitted Whirlwind Mine will be placed on standby. Bauxite Beneficiation
Energy Fuels will continue with data gathering and site characterization activities at the Pinon Ridge mill site, to support its license application submittal. The Company’s existing personnel will assume a greater role in the preparation of the Pinon Ridge Mill license application rather than contracting consultants to write the majority of the application, resulting in a significant cost savings. Key consultants will be retained on an as needed basis to provide necessary expertise. The Company now anticipates filing for the mill radioactive materials license in the fourth quarter of 2009. Should the license approval process and construction proceed at the expected rates, the Pinon Ridge Mill could be commissioned in 2011.
The Company will continue with pumping and water treatment, environmental and permit compliance activities, safety inspections, equipment and facilities maintenance, and security at both the Whirlwind and Energy Queen Mines. The Whirlwind Mine will be maintained so that it is in a position to “turn-on” and begin ramping up, moving toward full production, within approximately 30 days of a decision to proceed.
Uranium is used as a nuclear fuel in power stations and atomic submarines and vessels, in the production of nuclear weapons and armour piercing bullets and in the aviation sector. Bauxite Ore Crusher
Rising demand saw spot uranium prices double last year on international markets, and a report by Deutsche Bank in January forecast they would rise by nearly 40 percent again this year.
Production in Niger – which also has reserves of iron ore, coal, copper, silver, platinum, vanadium, titanium and lithium, peaked at 4,366 tonnes in 1981 but has since fallen, standing at around 3,000 tonnes last year.
But the growing presence of foreign firms in one of the country’s most lawless regions is also catching the eye of Tuareg and Toubou nomads who have long complained of neglect and are demanding a share in the country’s natural wealth. Copper Ball Mill