Western Uranium and Vanadium President and CEO George Glasier: Our Mines Are Open and Ready for Production
Western Uranium and Vanadium President and CEO George Glasier joined INN at PDAC to discuss uranium and vanadium markets.
Western Uranium and Vanadium CEO George Glasier: Our Mines are Open and Ready For Productionwww.youtube.com
Western Uranium and Vanadium (CSE:WUC,OTCQX:WSTRF) President and CEO George Glasier joined the Investing News Network at the Prospectors & Developers Association of Canada conference to discuss recent developments in the uranium and vanadium markets.
His company is currently working to develop a portfolio of projects in both Utah and Colorado, principally the five mine Sunday Mine Complex property, which was last in production in 2009.
Glasier is optimistic about the recent disclosures regarding the United States Nuclear Fuels Working Group’s prospective plans to support domestic production of uranium. Earlier in the day, before Glasier sat down with INN, US Secretary of Energy Dan Brouillette was quoted as saying “The proposal we will put forth will be all encompassing,” regarding the Nuclear Fuel Working Group’s highly anticipated report on ways to assist the US domestic uranium industry. Glasier believes his company is in an excellent position to take advantage of this opportunity as the Sunday Mine Complex is fully-permitted and developed, and ready to scale-up production.
“We’ve got mines that we opened this summer getting ready for production that are waiting for the commodity price to recover and it looks like it could happen any time, especially the way things are going in the US in regards to production,” said Glasier. “The secretary of energy basically said Trump is going to do something to immediately help the US production industry. It’s going to be an interesting time. We’ve got one of the few mines that are ready to go into production to supply whatever that need is, whether its the US government buying or whether its utilities.”
The United States remains the largest consumer of uranium in the world, which Glasier believes is an important factor shaping America’s supply strategy. “If you look at the production report in the US, we’re the largest consumer of uranium in the world at fifty million pounds a year. Last year we produced less than 200,000 pounds, not even a million pounds in the US. That’s almost no production,” said Glasier. “We currently get a good chunk of it from Canada, and some from Australia, but we also get a lot from less than friendly sources that could cut us off.”
Considering these market dynamics, Glasier remains hopeful that the uranium market will bounce back and provide a production opportunity for the company. “We opened the mines anticipating that there will be a demand at a reasonable price. Our mines are ready to go,” he said. Due to the vanadium resource on the property, Western Uranium and Vanadium has also considered the possibility of a co-producing vanadium mine as well. “Vanadium has six to seven times the content of the uranium at the mine, it could be called a vanadium mine. Right now at current vanadium prices, the resource is more valuable for vanadium because it’s richer. We’ve only done a small drill out on uranium and no further drilling for vanadium. There could be hundreds of millions of pounds of vanadium in this deposit.”
Moving forward, Glasier is open to monetizing the Sunday Mine Complex with the best interests of shareholders in mind. “The best way to monetize it is probably to sell it to a major, this is not a capital intensive project. Union Carbide has already spent $50 million on it, so there’s not a lot of capital to be put into it,” said Glasier. “A major company could use the production whether it’s uranium or vanadium. If we sell the company for the benefit of the shareholders, that’s great.”
For a more comprehensive update from Western Uranium and Vanadium President and CEO George Glasier, watch the video above.
This interview is sponsored by Western Uranium and Vanadium (CSE:WUC,OTCQX:WSTRF). This interview provides information that was sourced by the Investing News Network (INN) and approved by Western Uranium and Vanadium in order to help investors learn more about the company. Western Uranium and Vanadium is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
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