Date:May 24, 2018
Energy Fuels Inc. intends to resume vanadium recovery operations in 2018, and it expects to recover significant quantities of currently dissolved vanadium from pond solutions at the White Mesa Mill south of Blanding.
Vanadium prices have risen by more than 400 percent over the past two years to about $15 per pound. Based on extensive test work and laboratory analysis, the Company has identified significant concentrations of dissolved vanadium in pond solutions at the mill. Based on current estimates, Energy Fuels believes these pond solutions, the result of previous milling operations, may contain more than four million pounds of recoverable vanadium.
The White Mesa Mill has a long history of conventional vanadium recovery, most recently producing 1.5 million pounds of vanadium in 2013. During its 38-year operating history, the mill has produced over 45 million pounds of vanadium.
The Mill is the only operating conventional uranium recovery facility in the United States, and, at the present time, is the only operating facility in the United States with the near-term ability to resume vanadium recovery.
Energy Fuels has also recovered uranium from the same ponds – 308,000 pounds in 2017 and an estimated 200,000 pounds in 2018.
Energy Fuels estimates that it could recover up to 500,000 pounds of vanadium in 2018. They will evaluate actual 2018 costs and recoveries, and given favorable results, would expect to continue vanadium production from pond returns in 2019 and 2020.
Mark S. Chalmers, President and CEO of Energy Fuels, said, “Energy Fuels’ White Mesa Mill has historically been a significant producer of vanadium. Due to recent vanadium price strength and bullish market sentiment, we are evaluating a number of opportunities to resume vanadium recovery. If this campaign is successful, Energy Fuels would expect to become a commercial scale vanadium producer for the next few years, just from pond solutions.
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