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Fri September 27, 2013
Lost Creek uranium facility exceeding expectations
Production at Lost Creek uranium facility is exceeding expectations.
Ur-Energy’s Lost Creek mine started producing uranium in early August. Less than two months into production, Vice President of Operations Steven Hatten, says the facility is functioning well above projected levels.
“Field conditions have presented themselves in a more positive light than laboratory conditions may have predicted,” Hatten says.
He says it’s especially significant since it’s the first in-situ mine to open in the Great Divide Basin. At its current production rate, the facility can produce 800,000 pounds of yellowcake annually.
Uranium spot prices are below $40 per pound, which companies say is too low for many projects to actually come online and make a profit. However, Ur-Energy has long-term sales contracts with nuclear power plants throughout the US, which offsets dropping prices.
“Our management has done a great job, and our sales team has done a great job, of working with the utilities to makes sure that this is a profitable venture,” added Hatten.
The company will start delivering uranium to its buyers soon.
The Lost Creek facility currently employs about 60 people. Ur-Energy does hold leases for more land around the current facility, so it is expected to grow in the future.