Growing Optimism for Uranium Production in Wyoming

Two Wyoming State Geological Survey (WSGS) summary reports, released today, show there is growing optimism for uranium production in Wyoming at both the state and national levels, and a slight uptick in oil production.

Natural gas production, however, continues its several-years steady decline.

State Geologist and director of the WSGS Erin Campbell claims Wyoming is at the forefront nationally in terms of uranium production and nuclear facility devlopment. She says, “Wyoming’s geology makes it appealing to a variety of energy and mineral industries, and our state has been extremely proactive in advocating for these industries.”

As the United States shows growing interest in uranium and nuclear energy, Wyoming is sitting pretty with the largest-known economic uranium ore reserves in the nation. Uranium prices are hitting a 15-year high due to strong market demand and long-term forecasts. It's currently priced at about $95 a pound and economic experts are predicting it will keep climbing.

For context, it was priced at $43.08/lb in January 2022.

Uranium companies in Wyoming mines are now increasing staff, expanding facilities, and investing in more exploration. Commercial production has resumed at the Lost Creek ISR Mine in Carbon County, the first uranium mine in the country to ramp up operations in response to higher prices and increasing sales contracts.

Uranium is one of the most common elements on earth. Today its prrimary use is fuel for nuclear power plants, but it's also used in a variety of things including airplanes, x-rays, and smoke detectors.

Wyoming’s known reserves are estimated at about 106 million pounds. About one pound of uranium can produce the same amount of power as 20,000 pounds of coal.

Uranium has been a part of Wyoming's economy since it was first discovered in 1918 near Lusk.

Casperites heading to Lander may recognize a little place known as Jeffrey City -- a now busted uranium mining boomtown. When the uranium mining halted in 1982, over 3,500 people did, too. Perhaps it will make a comeback.

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