- Western Uranium & Vanadium (WUC) announced the company is moving towards mining restarting operations at its Sunday Mine Complex
- The complex is made up of the interconnected Sunday Mine, West Sunday Mine, St. Jude Mine, and Carnation Mine
- Declining COVID-19 risks and an improved outlook for uranium and vanadium commodities are behind the restart
- The company believes demand for nuclear fuel will only grow in the coming decade
- Western Uranium & Vanadium is up 0.73 per cent, trading at C$2.75 at 11:40 am ET
Western Uranium & Vanadium (WUC) announced the company is moving towards restarting mining operations at its Sunday Mine Complex.
The complex is made up of the interconnected Sunday Mine, West Sunday Mine, St. Jude Mine, and Carnation Mine.
The project which began in 2019, will shift its base of operations from the St. Jude Mine to the Sunday Mine
The Sunday Mine Complex is located in San Miguel County, Colorado and will be moved into active status from temporary cessation.
The Colorado-based company says declining COVID-19 risks and an improved fundamentals and outlook for uranium and vanadium commodities allowed it to re-start operations.
The company will begin targeting different areas with development drilling, development mining, and ore production.
The company points to growing nuclear fuel demand from new reactor builds, Japanese reactor restarts, delayed reactor closures from operating extensions and government support, and the advancement of new nuclear technologies.
End user electricity demand is also growing due to the electrification of everything trend and clean energy and climate change initiatives that are shifting energy mixes away from fossil fuels.
The company’s management feels the macro trends have already initiated the next uranium bull market.
Western says it is undertaking the project to enhance the value of the Sunday Mine Complex by further differentiating the facility among the very few mines in North America that can be put into full-scale production with minimal capital expenditures and lag time.
In anticipation of the uranium price rising substantially over the next year or two, Western wants to demonstrate that the Sunday Mine Complex is a first choice for uranium ore.
Western Uranium & Vanadium is up 0.73 per cent, trading at C$2.75 at 11:40 am ET.
