Wyoming’s Uranium Industry Booming: What’s Ahead?

Wyoming is experiencing a uranium resurgence like never before, bringing back a boomtown mentality not seen in 50 years. Scott Melbye, CEO of Uranium Royalty Corp., is at the forefront of this resurgence, with ties to Wyoming’s uranium industry.

The global uranium market is in a complex state, with tight supplies, the U.S. embracing nuclear reactors for clean energy, and concerns over dependence on Russia for enriched uranium. With Kazakhstan producing 45% of the global uranium supply, there are growing fears regarding the nation’s proximity to Russia and China.

Melbye, usually based in Denver, traveled to Kazakhstan to attend an international conference and gain insight into the market forces driving the uranium industry. He mentioned that Wyoming is attracting capital at a pace not seen in decades, positioning the state as a leader in uranium production once again.

Unlike traditional mining methods, Wyoming’s mining companies conduct in-situ recovery, a low-impact process that involves dissolving uranium underground and pumping it to the surface for extraction. Uranium Energy Corp., a majority shareholder of Melbye’s company, is ramping up production in Wyoming, with plans for significant expansion.

The Russian tie to Wyoming’s uranium industry is evident through Uranium Energy’s acquisition of the Willow Creek project from Rosatom in 2021. Despite challenges in translating Russian documents, the company is poised to begin production and awaits approval for further expansion.

Other companies like Peninsula Energy Ltd. are also making strides in Wyoming, with plans to sell significant amounts of uranium to international buyers. With projects underway to increase production capacity, the uranium sector in Wyoming is brisk and promising.

Ur-Energy Inc., the largest U.S. uranium producer, has restarted production, signaling a positive outlook for the industry. As demand for uranium grows, more workers may be hired, leading to the potential reopening of mines in the state.

Overall, Wyoming’s uranium resurgence is putting the state back on the international map, with significant developments in the industry that promise a bright future.