Uranium Resources

Westwater Resources, Inc.
Public limited company
Traded as NASDAQ: URRE
Industry Industrial Metals & Minerals
Founded 1977[1]
Headquarters Centennial, Colorado
Area served
 U.S.
Key people
  • Christopher M. Jones
    (CEO)
  • Terence J. Cryan
    (Chairman of the Board)
  • Marvin K. Kaiser
    (Director)
  • Tracy D. Pagliara
    (Director)
  • Patrick N. Burke
    (Director)
Website www.westwaterresources.net

Westwater Resources, Inc. (WWR), is an explorer and developer of US-based mineral resources essential to clean energy production. The company has operated some uranium facilities in the past, however they have recently been exploring lithium and graphite, anticipating a rise in demand of battery related materials due to accelerating electric vehicle production.[2]

Company History

In 1977, the company was founded in Lewisville, Texas.[3]

In 2003, the company proposed to mine in traditional Navajo territory.[4]

In August, 2012, the company merged with Neutron Energy, Inc. [5]

In August 2017, the company changed its name from Uranium Resources to Westwater Resources, Inc.[6]

Westwater Resources entered a definitive agreement to acquire Alabama Graphite Corp. in December of 2017 and after an affirmative vote,[7] the acquisition was completed on April 23, 2018. [8]

Uranium

The company owns uranium properties in South Texas, where they have two licensed ISR (in-situ recovery process) processing facilities: Kingsville Dome and Rosita. The company also has 183,000 acres (74,000 ha) of mineral holdings in New Mexico, where they get a NRC license to produce up to 3 million pounds (1.4 kt) of uranium annually. The mineral properties in New Mexico have not undergone development. It’s estimated that the mineral claims in New Mexico contains more than one hundred million pounds U3O8 of in-place mineralised uranium material.[9][10][11]

In 1985, the company succeeded in having the United States Department of Energy's contracts for the purchase of uranium thrown out by a United States district court.[12]

Production of ceased in 2009 after the fall of uranium prices, and has remained idled following the wake of the April 2011 Fukushima earthquake. However, with 50 nuclear reactors currently under construction worldwide,[13] a sustained rise in uranium prices could make these facilities economically viable in the future.[14]

Lithium

In 2016, the company was able to obtain over 30,000 acres of lithium brine properties, including the Sal Rica Project in Utah,[15] the Columbus Salt Marsh (or Columbus Basin) project in Nevada (near Tesla's Gigafactory),[16] and the Railroad Valley lithium brine project in 2017[17] (also in Nevada). Values ranging from 60 to 170 ppm were common across all three properties, although some anomaly-type samples indicated up to 392 parts per million of lithium concentrations.[18] However, the company currently only has mineral and water rights for their Columbus Basin project (14,220 acres). [19]

Graphite

In early to mid 2018, Westwater Resources completed the acquisition of Alabama Graphite, and as of September 2018, Westwater successfully produced approximately 4 kg of battery grade graphite. The Company hopes to have an operational pilot plant in 2019 with primary construction starting in 2020.[20]

References

  1. ↑ Time of foundation
  2. ↑ Westwater Resources, Inc. (2018-09-26), Westwater Resources - Lithium Market, retrieved 2018-09-26
  3. ↑ https://finance.yahoo.com/q/pr?s=URRE
  4. ↑ Daitz, Ben (May 13, 2003). "A Doctor's Journal; Navajo Miners Battle a Deadly Legacy of Yellow Dust". The New York Times.
  5. ↑ Gary C. Huber (2012-08-30), NEUTRON ENERGY, INC. Form: RW, retrieved 2018-09-26
  6. ↑ Westwater Resources, Inc. (2017-08-21). "Uranium Resources Changes its Name to Westwater Resources and Announces New Chairman" (Press release). Retrieved 2018-07-25 – via GlobeNewswire News Room.
  7. ↑ Westwater Resources, Inc. (2018-03-13). "Westwater Resources Announces Affirmative Vote by Alabama Graphite Shareholders and Addition of Technical Advisor" (Press release). Retrieved 2018-09-26.
  8. ↑ Westwater Resources, Inc. (2018-09-06). "Westwater Resources Completes Acquisition of Alabama Graphite" (Press release). Retrieved 2018-09-26.
  9. ↑ https://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=URRE.O
  10. ↑ Anderson, Jon (2018-07-18). "Contrasting Westwater Resources (WWR) and Fission Uranium (FCUUF)". PressOracle. Retrieved 2018-07-25.
  11. ↑ "Uranium Resources Inc., Company Story a lot Stronger, Yet Valuation 60% Lower? | MiningFeeds". www.miningfeeds.com. Retrieved 2018-07-25.
  12. ↑ "U.S. Uranium Pacts Voided". The New York Times. United Press International. September 20, 1985. p. D11.
  13. ↑ World Nuclear Association (2018-09-26). "Plans For New Reactors Worldwide" (Press release). Retrieved 2018-09-26.
  14. ↑ Westwater Resources, Inc. (2018-09-26), Westwater Resources - Kingsville Dome, Texas, retrieved 2018-09-26
  15. ↑ Westwater Resources, Inc. (2016-10-20). "Uranium Resources Completes Acquisition of Utah Lithium Brine Project" (Press release). Retrieved 2018-09-26.
  16. ↑ Westwater Resources, Inc. (2016-08-23). "Uranium Resources Develops Energy Metals Business and Acquires Its First Lithium Property in Nevada" (Press release). Retrieved 2018-09-26.
  17. ↑ Westwater Resources, Inc. (2016-06-20). "Uranium Resources Continues Lithium Business Expansion" (Press release). Retrieved 2018-09-26.
  18. ↑ Westwater Resources, Inc. (2018-09-26). "Westwater Resources - Columbus Basin Project" (Press release). Retrieved 2018-09-26.
  19. ↑ Westwater Resources, Inc. (2018-09-26). "Westwater Resources - Columbus Basin Project" (Press release). Retrieved 2018-09-26.
  20. ↑ Westwater Resources, Inc. (2018-09-06). "Westwater Successfully Produces Battery Ready Graphite" (Press release). Retrieved 2018-09-26.
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