There’s a new uranium producer in Texas.
What’s happening:
- Dallas, Texas based uranium producer enCore Energy (NYSE: EU) has announced they have officially restarted production at their South Texas Rosita uranium processing plant
- Bringing their Rosita plant back into production will enable enCore to begin delivering shipments of uranium oxide within weeks
Why it matters:
- Restarting production makes enCore the newest uranium supplier in the United States at a time when nuclear energy is more important than ever to the energy transition
- New sources of uranium supply are in extremely high demand as more nuclear power projects are being approved by global governments
By the numbers:
- enCore will become the first uranium company in production in Texas in 10 years
- The Rosita plant currently has production capacity of approximately 800,000 lbs of uranium per year and has the potential to expand beyond that within their existing license
- enCore’s Rosita plant sits on more than 2,700 acres of mineral rights
Market reaction:
- Shares of enCore are up +7% since their announcement of restarting production
