Plan to build uranium mill in SW Colorado on hold

By: Associated Press Email
By: Associated Press Email

DURANGO, Colo. (AP) A Toronto-based energy company is holding off on its plan to build a uranium mill in southwest Colorado.

The Durango Herald reports Stephen Antony, president and CEO of Energy Fuels Resources Inc., told investors during a conference call Friday the company won't build the Pinon Ridge mill in Montrose County unless there is an unexpected turnaround in uranium prices. Energy Fuels, however, plans to keep the license for the proposed mill valid.

The company had planned to transform uranium ore into uranium oxide, which would be sent out of state to be turned into fuel for nuclear reactors. But in an annual financial report filed in December, the plan was put on the back burner after the company said it could meet its production goals by buying the White Mesa uranium mill near Blanding, Utah.

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