IsoEnergy preps Utah uranium mine for 2025 restart
TSX-V-listed IsoEnergy will reopen its past-producing Tony M mine, in Utah, and aims to restart uranium mining production operations in 2025.
The decision, IsoEnergy says, is underpinned by rising uranium prices, the climate of increasing support and demand for nuclear energy and the recent announcement by Energy Fuels to restart its uranium circuit at the White Mesa mill.
IsoEnergy has a toll milling agreement with the White Mesa mill.
“With the uranium spot price now trading around $100/lb, we are in the very fortunate position of owning multiple, past-producing, fully-permitted uranium mines in the US that we believe can be restarted quickly with relatively low capital costs,” said CEO and director Phil Williams.
The existing toll-milling agreement with Energy Fuels also places IsoEnergy in a unique position to become a conventional uranium producer in the near term.
Tony M previously produced nearly one-million pounds of uranium oxide during two different periods of operation, the most recent being from 2007 to 2008.
The company plans to reopen the main decline into the Tony M mine and gain underground access by the middle of 2024. This critical step is expected to facilitate the assessment of the mine's underground conditions, enable direct analysis of the uranium mineralisation in place, and allow for the collection of necessary data required to prepare an efficient mine plan.
IsoEnergy is also evaluating plans to restart operations at the Daneros and Rim mines, both of which were previous producers of uranium and vanadium, and are currently permitted for production.
The company has appointed Josh Clelland to the position of director of US engineering and operations, to manage the reopening of the Tony M mine, and advancement of its other US-based uranium projects.
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