Uranium production in the lower 48 United States was up 10 times in 2022 after hitting an all-time low in 2021, although Canada remains a key supplier, according to US government statistics..On Thursday, the Energy Information Agency reported the production of uranium concentrate — or yellowcake — rose to 194,000 pounds last year, compared to about 21,000 pounds in 2021. .Milled yellowcake is the first step in producing enriched uranium for nuclear reactors, or alternatively, bombs..But it’s still a far cry from the 45 million pounds it produced at the height of the Cold War in the 1980s. Since then, most of the uranium supplied to the US has been imported..While Canada is its largest supplier — accounting for about 27% of US imports — Russia and Australia accounted for about 14% each. Although the US banned imports of oil, coal, natural gas from Russia after it invaded Ukraine, uranium was not sanctioned..“The uranium material used in US nuclear power reactors is largely imported because it’s more abundant and cheaper to produce in other countries,” it said..But that’s about to change..In 2020, Congress took steps to increase domestic production and established a strategic reserve of domestically produced uranium that serves as backup supply for US nuclear power plants. .At the end of 2022, the US Department of Energy awarded the first supply contracts for the reserve to TSX-listed Energy Fuels which is based in Colorado..Its only conventional mill, White Mesa in Utah, operates on a campaign basis; it only produces when mill feed, contract requirements or market conditions warrant. It can also process other minerals, including rare earths. .In 2021, White Mesa focused on ramping up rare earth carbonate production and didn’t produce any uranium at all..By contrast, Canada is the world’s second largest producer in the world — after Kazakhstan — accounting for about 13% of global production. .In 2022, it produced about 7,000 tonnes worth about $800 million. Almost all of it comes from two mines, including the world’s largest at McArthur River in northern Saskatchewan.
