- Western Uranium & Vanadium (WUC) has executed a binding agreement to purchase 125,000 pounds of natural uranium concentrate
- The company will receive delivery of the triuranium octoxide before June 2022
- It made the purchase at a price substantially below average global uranium production costs
- The company may hold the element as an investment, use it for delivery under its existing 2022 supply agreement, or use it to facilitate future agreements
- Western Uranium & Vanadium is focused on low-cost and near-term uranium and vanadium production in the Western United States
- Western Uranium & Vanadium (WUC) is down by 3.61 per cent and is currently trading at $2.67 per share
Western Uranium & Vanadium (WUC) has executed a binding agreement to purchase 125,000 pounds of natural uranium concentrate.
The company will receive delivery of the triuranium octoxide before June 2022.
The uranium may be held as a long-term investment, used for delivery under Western’s existing 2022 supply agreement, or used to facilitate the negotiation of future supply agreements.
Western made the purchase at a price substantially below average global uranium production costs.
According to the company, a decade of oversupply has stifled new uranium mine development, which has created an undersupply of nuclear fuel to last for a decade.
The past year has seen multiple uranium market catalysts, including mass electrification, support for critical mineral supply chains, climate change initiatives, demand for electricity without CO2 emissions, investments into new nuclear technologies, political support for existing nuclear reactors and the construction of new reactors.
This physical uranium purchase complements Western’s Sunday Mine Complex uranium production plans. Recent production remains stockpiled underground while the company is poised for a quick restart once the situation permits.
Western Uranium & Vanadium is focused on low-cost and near-term uranium and vanadium production in the Western United States.
Western Uranium & Vanadium (WUC) is down by 3.61 per cent and is currently trading at $2.67 per share as of 12:55 pm ET.
