Uranium Energy Corp (UEC) announced Tuesday that the Company's Board of Directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery operations in Wyoming.
The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant (CPP) with a current licensed capacity of 2.5 million pounds U3O8 per year. The Irigaray CPP is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch.
The first production is expected during August of this year and will be funded with existing cash on the Company's balance sheet.
As UEC's strategy has been to remain 100% unhedged, produced uranium will be sold at prevailing spot market prices which was $106 per pound U3O8 as of January 15, 2024 as reported by UxC.
To enable a faster production restart, extensive preparations at the Christensen Ranch wellfields and satellite processing plant were completed in 2023.
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