14 Aug 2024 | 12:12 UTC — Insight Blog
US uranium production bounces back from steep decline in recent years: EIA
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US domestic uranium production in the first quarter of 2024 surpassed all domestic production from 2023 as the US bounced back from steep production declines in recent years, the US Energy Information Administration reported Aug. 8.
Domestic uranium concentrate, or U3O8, mining produced over 82,000 lb in the 2024 first quarter, about 64% higher than the 50,000 lb mined in all of 2023.
The 2023 production decline was caused by the country’s sole uranium mill in Utah not producing, the EIA said.
The EIA identified several other factors indicating higher uranium production, including increased exploration and development holes dug in 2023, which nearly doubled year on year. Also, over 1 million feet were drilled in 2023, nearly 10 times more than in 2021, and the full-time uranium exploration employee count over doubled in 2023 compared with 2021.
Platts, part of S&P Global Commodity Insights, assessed the U3O8 current month spot price to Canada at $81.75/lb at 1 pm Aug. 8. This latest assessment is the lowest of 2024 so far, the data shows.
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