Up and coming uranium producer Uranium One (UUU-T) has struck a 5-year toll-milling agreement Camecos (CCO-T) American subsidiary Power Resources to process uranium-bearing, ion-exchangeresins from Uranium One’s in situ recovery (ISR) projects in Wyomings the Powder River and Great Divide basins.
The agreement starts the earlier of 2010 or the month in which an aggregate of at least 250,000 lbs. of dried uranium concentrate has been produced from Uranium One resins.
Uranium One will transport resins from its uranium mining operations to Camecos Smith Ranch-Highland uranium facilities, or an agreed-upon alternate facility in Wyoming or Nebraska, for processing and production of up to 1.4 million lbs. per year of drieduranium concentrates. Cameco can accept either cash or uranium as payment.
Uranium One expects its first production to come from its MooreRanch Project, 50 miles north of the Smith Ranch-Highland complex, with additional production expected to be sourced from the Allemand-Ross, Barge and Ludeman projects which are also nearby.
Moore Ranch hosts a National Instrument 43-101 compliant measured resource base of 2.95 million tons grading 0.1% containing 5.8 million pounds U3O8.
Uranium One is aiming to sell its first uranium from its Wyoming projects by 2010.
This output, combined with expected production from Uranium Ones Hobson ISR facility in Texas, should make the company one of the largest uranium producers in the United States.
The company also has uranium mines or advanced projects in Kazakhstan, South Africa and Australia, and is involved in exploration plays in the United States, Saskatchewans Athabasca basin, South Africa, Australia and the Kyrgyz Republic.
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