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Uranium Energy Corp. (AMEX:UEC) shares are trading higher on Tuesday after the company announced that it will restart its uranium production at its Christensen Ranch In-Situ Recovery operations in Wyoming.
What To Know: The recovered uranium is to be processed at the Irigaray Central Processing Plant. The facility has a current licensed capacity of 2.5 million pounds U3O8 per year and is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch.
The first production is anticipated during August with more information on the expected volumes for the first year of production to be provided by the company in the coming months.
The news comes on the heels of a rise in uranium stocks in January due to pressure on the supply outlook after Kazatomprom reportedly said that it is likely to experience a production shortfall. Earlier in January, uranium stocks also gained on news that the U.S. Department of Energy issued a request for proposals for uranium enrichment services to help establish a domestic supply of fuels using high-assay low-enriched uranium.
The recent developments have helped push Uranium Energy stock to an all-time high.
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UEC Price Action: Shares of Uranium Energy Corp. were up 4.18% at $8.09 at the time of publication, according to Benzinga Pro.
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Posted In: UEC
