Revival of Uranium Production Sparks Growth Opportunities in Wyoming

Wyoming’s Uranium Industry Poised for Resurgence

After years of dormancy, the uranium production industry in Wyoming is showing signs of a revival. A recent report from the Wyoming State Geological Survey indicates that the state is well-positioned to capitalize on the expected expansion of the domestic uranium market, with Campbell County playing a significant role.

Wyoming leads the nation in uranium mining and boasts the largest economic uranium reserves in the U.S., located across various basins in the state. Despite its leadership in the industry, both Wyoming and the total U.S. production of yellowcake peaked in 1980 and have since seen a decline.

However, recent efforts have been made to help revive the industry, including adjustments to the severance tax rate for uranium production in the state. Additionally, the U.S. government has shown interest in strengthening domestic uranium production to reduce carbon emissions and decrease reliance on foreign sources, particularly from Russia.

In early 2023, the Department of Energy established a Strategic Uranium Reserve, purchasing domestic uranium from companies involved in Wyoming projects. This move has injected new life into the industry and paved the way for increased production.

Several uranium operations in Campbell County, including Reno Creek, Moore Ranch, and Nichols Ranch, are poised to ramp up production as market conditions become favorable. Additionally, there are 24 uranium projects in various stages of exploration and planning across the state, indicating a growing interest in the industry.

Companies like BWX Technologies are also looking to establish a supply chain in Wyoming for nuclear micro reactors, further boosting the prospects for the state’s uranium industry.

While challenges such as costs and supply chain issues remain, the future looks promising for Wyoming’s uranium industry, driven by the increasing demand for nuclear energy. As demand continues to grow, Wyoming is poised to become a key player in the uranium market once again.