Date: Mar 7, 2019
Uranium demand is forecast to increase strongly in future years assuming nuclear power plants continue to be built. At the current low uranium spot prices uranium miners are not profitable, which is leading to a rapid fall in uranium supply and stockpiles. We are starting to see now the next stage in the cycle – Higher uranium prices to encourage new supply as deficits widen.
Vanadium is primary used in the steel industry as a steel hardener. Added to this is new demand from Vanadium Redox Flow Batteries (VRFBs) for industrial scale energy storage industry which is now rapidly growing, most notably in China. This should help ensure a strong demand picture ahead for vanadium.
Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF) is a near-term producer that acquired uranium and vanadium mineral assets in western Colorado and eastern Utah, USA from Energy Fuels Inc. The Company’s near-term production strategy is to focus on previously producing mines with low CapEx, existing infrastructure, and permitting.
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