Colorado-based Western Uranium and Vanadium will buy 125 000 lb of natural uranium concentrate, at current market prices which are below the average global uranium costs.
The strategic inventory could be held as a long-term investment, used for 2022 delivery under existing supply agreements or to facilitate the negotiation of future supply agreements.
Western Uranium says the physical uranium purchase complements its Sunday mine complex production plans. These conventional mines are in “ready-to-produce” status. Recent production is stockpiled underground and the company states that it is poised for a quick restart using existing infrastructure.
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