Global Uranium Mining Market Expected to Reach $11.38 Billion By 2030 as Dependency on Nuclear Power Increases

/EIN News/ -- PALM BEACH, Fla., July 09, 2024 (GLOBE NEWSWIRE) -- FinancialNewsMedia.com News Commentary - In line with the rise of nuclear energy since the 1950's, uranium has become a pivotal commodity. This is especially true for countries that are highly dependent on nuclear energy to fulfill their domestic energy needs. According to a report from Statista, that the leading consumers of uranium worldwide are the countries with the highest share of nuclear energy: the United States, China, and France. The U.S. used nearly 18,300 metric tons of uranium in 2020. That was more than twice as much as France, which ranked third. Although there are global tendencies towards alternative energies, the worldwide nuclear energy consumption has remained consistent over the past decade. This suggests that uranium will likely continue to be an important commodity for decades to come. A report from GlobalData added that Uranium production is expected to grow marginally at a CAGR of more than 4% from 2024 to 2030 and that the countries holding significant uranium reserves are Australia, Kazakhstan, Canada, Russia, and Namibia among others. In 2023, Australia had the largest share followed by Kazakhstan. In terms of uranium production, Kazakhstan led the market followed by Canada. Active Mining Companies in the news includes: Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI), Ur-Energy Inc. (NYSE American: URG) (TSX: URE), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Denison Mines Corp. (NYSE American: DNN), Uranium Energy Corp (NYSE American: UEC).

Another report from RationalStat (which also said that about 66% of the global production of uranium from mines is from Kazakhstan, Canada, and Australia), projected that, the Global Uranium Mining Market value, is expected to rise to US$ 11,388.3 million by 2030, with an annual growth rate of more than 5.0%. It continued: “Nuclear power is regarded as a clean energy source because it produces no greenhouse gases when in operation. Countries investing in nuclear energy to cut carbon emissions and battle climate change are boosting the uranium market. Based on region, the Asia Pacific region is predicted to be the fastest-growing uranium mining market in the next years, owing to the region's increased nuclear power generation. Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.”

Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI) Acquires Uranium Claims in Shirley Basin, Wyoming - Indigo Exploration Inc. (the “Company”) is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Hot Property, a highly prospective uranium project located in the past producing Shirley Basin of Wyoming. The Hot Property, which is comprised of 71 unpatented mineral claims covering a 5.75 km area, has seen extensive historical exploration dating back to the 1960’s with over 200 holes drilled including near-surface intercepts of 1.83 metres of 1.1% U₃O₈ at a depth of 43.0 metres and 3.35 metres of 0.28% U₃O₈ at a depth of 26.8 metres. The Project is located adjacent to Uranium Energy Corp.’s (UEC-NYSE) Shirley Basin project, Ur-Energy Inc.’s (URG-NYSE) Shirley Basin mine, and Nuclear Fuels Inc.’s (NF-CSE) Bobcat Uranium Project. Ur-Energy’s Shirley Basin project hosts an NI 43-101 Measured and Indicated Resource of 8.8 Mlb U₃O₈ grading 0.23% and is currently under construction.

“Gaining 100% interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent US-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the Company.” commented Paul Cowley, President & CEO of Indigo Exploration.

The Shirley Basin of Wyoming - Wyoming represents the largest uranium producing state and contains the greatest uranium ore reserves within the United States. The Shirley Basin located 40 miles southwest of Casper, Wyoming, produced over 51 million pounds of U₃O₈ from 1960 to 1992 at an average grade of 0.22% U₃O₈. The Shirley Basin mines closed not for a lack of resource but due to economic factors following the Three Mile Island accident (1979). The importance and relevance of the Shirley Basin today is reflected in production resurgence with Ur-Energy’s production plans.

Hot Property - The Hot Property is strategically located just 800m east (0.5 mile) of an historic production area and 1.8km (1.1 miles) from Ur-Energy’s uranium resource. Indigo uncovered 202 drill logs from public records from holes drilled in the 1960’s on ground now covered by the Hot Property. One intercept (H1-Zeb-44) encountered 1.83m of 1.1% U₃O₈ at a depth of 43.0m and a second hole (H6-Zeb-44) encountered 3.35m of 0.28% U₃O₈ at a depth of 26.8m. Of the 202 holes, approximately 46% intercepted shallow uranium mineralization. Depth to mineralization ranges from 3m to 130m but average 46m deep in Eocene-aged Wind River Formation, the uranium host unit in the Shirley Basin. The Hot Property is particularly promising as one third of the mineralized holes on the property have two or more uranium intercepts.

The Company’s geologists are compiling historic data in order to design an initial verification and infill drill program that can be submitted for permitting this summer, for drilling projected to start in early fall 2024. Multiple campaigns of drilling will likely be needed to justify a NI 43-101 mineral resource. Numerous existing trails criss-cross the Hot Property which would provide easy access and minimal surface disturbance for the RC drill programs.

“The resurgence in the uranium market fundamentals coupled with the bipartisan support in the US to secure domestic sources of uranium, positions the Company on the forefront to benefit from these compounding trends,” commented Indigo’s President & CEO, Paul Cowley. “We are excited to be a part of the evolving Shirley Basin camp.”

In-situ Recovery of Uranium in Wyoming - Underground and open pit mining methods as well as in-situ recovery (ISR) were employed in production operations in the Shirley Basin. Since the 1990’s all uranium mining in Wyoming uses the ISR process, a solution mining method that leaving the ore where it is in the ground and recovers uranium through a system of drill holes by dissolving and pumping the pregnant solution to the surface where the uranium can be recovered. Consequently, there is little surface disturbance, and no tailings or waste rock generated. Lower Capex and Opex from this approach see uranium grades at ISR operations as low as 0.04% U₃O₈.   CONTINUED… Read this and more news for Indigo Exploration at:   https://www.indigoexploration.com/news/news-2024

In other mining market news of interest:

Ur-Energy Inc. (NYSE American: URG) (TSX:URE) recently announced the results of the Company's Annual General and Special Meeting of Shareholders ("Shareholders Meeting") held June 6, 2024, including the election of Directors.   Each of the nominee Directors listed in the Company's management proxy circular dated April 23, 2024 was elected as a Director. The Company received proxies with regard to voting on the seven Directors nominated for election, as follows:

John W. Cash; Rob Chang; Elmer W. Dyke; Elmer W. Dyke; Thomas H. Parker; John Paul Pressey; and Kathy E. Walker.   The Company's independent auditors PricewaterhouseCoopers LLP were reappointed by the Shareholders, and the Directors of the Company were authorized to fix the remuneration of the auditors.  

Cameco Corporation (NYSE: CCJ) (TSX: CCO) and Saskatchewan Power Corporation (SaskPower), Westinghouse Electric Company (Westinghouse) have recently signed a memorandum of understanding (MOU) to evaluate the potential of Westinghouse’s nuclear reactor technology and the associated nuclear fuel supply chain required for Saskatchewan’s future clean power needs.

The MOU will explore technical and commercial pathways to deploy Westinghouse’s reactor technology, including the advanced AP1000® reactor and AP300™ small modular reactor (SMR), for long-term electricity supply planning. The framework includes evaluation of a Saskatchewan-based nuclear supply chain to support nuclear energy projects, including fuel. It also identifies opportunities to collaborate on nuclear research, development and workforce training in partnership with Saskatchewan’s post-secondary institutions.

SaskPower is expected to make its final investment decision in 2029 whether to proceed with constructing Saskatchewan’s first SMR facility. The utility intends to use Saskatchewan uranium in any reactor constructed in the province.

Denison Mines Corp. (NYSE American: DNN) recently announced it has completed the inaugural In-Situ Recovery ("ISR") field test program (the "Program") at Denison's 25.17% owned Midwest Uranium Project ("Midwest").  The Program involved drilling 10 small diameter boreholes within the Midwest Main deposit primarily undertaken to evaluate site-specific conditions for ISR mining. A series of tests were successfully performed on each borehole, creating an extensive database of geological, hydrogeological, geotechnical, and metallurgical data and validating certain key assumptions in the previously completed internal conceptual mining study (the "Concept Study") evaluating the potential use of ISR mining at Midwest (see Press Release dated April 12, 2023). View PDF

David Cates, Denison's President and Chief Executive Officer, commented "Denison would like to thank Orano Canada for its support and encouragement of our joint efforts to evaluate the Midwest Main deposit for potential future extraction via ISR mining.  Orano has significant global expertise in ISR mining and Denison brings industry leadership in the advancement of ISR mining in the Athabasca Basin region – allowing the joint venture to assemble a very strong team to carry out and oversee this inaugural test program.  

Uranium Energy Corp (NYSE American: UEC) recently reported, in accordance with NYSE American requirements, the filing of the Company's quarterly report on Form 10-Q for the quarter ended April 30, 2024 with the U.S. Securities and Exchange Commission (the "SEC").  This Form 10-Q filing, which includes the Company's interim condensed consolidated financial statements, related notes thereto and management's discussion and analysis, is available for viewing on the SEC's website at http://www.sec.gov/edgar.shtml or on the Company's website at www.uraniumenergy.com.

Uranium Energy Corp is the fastest growing supplier of the fuel for the green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly ISR uranium projects in the United States and high-grade conventional projects in Canada. The Company has two production-ready ISR hub and spoke platforms located in South Texas and Wyoming. These two production platforms are anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major permits in place. Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of North American warehoused U3O8; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The Company's operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.

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