- Growth in the uranium mining market is attributable to increase in nuclear fuel spend, reports the Business Research Company
- Report also noted key factors in projected growth of space, which should reach $10.18 billion by 2020
- UUUU is the leading U.S. producer of uranium, the fuel for carbon- and emission-free nuclear energy, in the country
The uranium mining market is projected to reach nearly $10.18 billion next year, according to a Business Research Company report, which noted that the industry should see CAGR of 4.6% during the forecast period (https://nnw.fm/FIbN0). Energy Fuels (NYSE American: UUUU) (TSX: EFR), the largest producer of uranium in the United States, is committed to playing a significant role in the growing market.
“The growth in the uranium ore mining market is due to increase in nuclear fuel spend in countries such as Australia, Kazakhstan and Canada owing to increasing spend in the defense industry,” stated the report, which noted that the uranium mining market consists of sales of uranium ores and concentrates by entities that mine and beneficiate uranium-radium-vanadium ores. “However, the market for uranium ore mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues and safety.”
The report also observed that the global uranium mining market is based on type and geography, with types of deposits including volcanic-type uranium deposits, sandstone-type uranium deposits and carbonate-siliceous-pelitic rock type uranium deposits. Geographical categories include North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa with Asia-Pacific uranium mining market accounting for the largest share in the global uranium mining market.
“The use of autonomous hauling systems trucks in the mining industry is significantly enhancing production efficiency and reducing turnaround time,” the report stated. “Autonomous haulage systems control and track mining vehicle movements, coordinates and autonomously drives off-highway haul trucks operating in a mine. This system increases efficiency by minimizing delays, reducing operating costs and reducing fuel consumption, thereby minimizing carbon emissions.
“With increase in mining projects and development of technology, the scope and potential for the global uranium ore mining market is expected to significantly rise in the forecast period,” the report concluded.
With nuclear energy expected to see strong growth in the coming years as nations around the world work to provide affordable, sustainable clean energy, Energy Fuels looks to be in an ideal position. The company is the leading producer of uranium, the fuel for carbon- and emission-free nuclear energy, in the country. UUUU is also a major U.S. producer of vanadium and just began commercial production at its mill in Utah of an intermediate rare earth element product, the most advanced rare earth material being produced in the U.S. today.
Energy Fuels has more uranium production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. uranium producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
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