Cashing in on Atomic Energy: Uranium Mining's Revival Under Trump
Uranium mine in Utah moves forward under Trump administration, yet faces environmental concerns and local protests.
In the heart of the American West, the arid, breathtaking landscapes of Utah are buzzing with a renewed energy - the revival of the long-dormant uranium mining industry under President Trump's rule.
Scattered across these desolate lands are hundreds of abandoned uranium mines, leftovers from the nuclear arms race era, serving as potent reminders of the promise and peril of atomic power. Now, one mine, poised to reopen after decades, is set to lead the charge in this resurgence.
Typically, the approval process for projects like Anfield Energy's Velvet-Wood mine, located some 56 kilometers south of Moab, would have taken months, if not years. However, under Trump's watch, the Bureau of Land Management expedited the review in just 11 days, thanks to a "national energy emergency" declaration that allows for streamlined environmental reviews for energy projects.
More permits and approvals will be needed, along with site work to get the mine up and running. And, of course, the price of uranium must rise significantly to make domestic production financially sustainable. Should this happen, it would signal a reawakening - and jobs - for an industry that has languished in the shadows since the Reagan era.
"The United States' energy security is national security," declared Interior Secretary Doug Burgum, announcing the fast-tracking policy in April. "These emergency procedures reflect our unwavering commitment to protecting both."
Trump's policy expediting approvals doesn't just apply to uranium mines - it encompasses oil, gas, coal, biofuel, and hydropower projects on federal lands. However, renewable energy projects are excluded from these expedited procedures.
Riding the Rollercoaster of Global Uranium Prices
Driven by the Trump administration's ban on uranium imports from Russia and the subsequent invasion of Ukraine, global uranium prices are at a two-fold increase compared to their lowest point seven years ago. Domestic mining could help address the significant imbalance that currently sees the U.S. import 98% of the uranium it uses, generating 30% of the world's nuclear energy.
While reduced government regulation might not spark a surge in American uranium mining itself, it certainly creates a more inviting landscape. Market demands, however, remain the critical factor. Current spot-market prices have risen from previous years, but they're still down about a third from their peak in early 2024.
Although new uranium mining and processing projects have been announced, their number pales in comparison to what is needed for a true industry comeback. As former uranium executive John Uhrie explains, "Until the price goes up dramatically, you're not going to be able to actually put these places into operation. You need significant capital on the ground."
Yet, the industry is showing new life in the American Southwest.
Anfield Energy, a Canadian company, plans not only to reopen the Velvet-Wood mine, but also the Shootaring Canyon uranium mill in southern Utah near Glen Canyon National Recreation Area, which has been shuttered since the early '80s. A uranium mill, which turns raw ore into yellowcake, a powdery substance later processed elsewhere into nuclear fuel, could play a pivotal role in the industry's resurgence.
Meanwhile, Energy Fuels, another Canadian firm, has taken the lead as the top U.S. uranium miner, recently opening the Pinyon Plain mine about 16 kilometers from the Grand Canyon in late 2023.
Uranium Fuels' White Mesa mill, the country's only operational uranium mill, acts as a hub for the industry in southeastern Utah.
A Tale of Two Faces: Uranium's Legacy in Moab
Today, Moab thrives as a hotspot for desert tourists, but its roots run deeper into the uranium industry. Reminders of its post-WWII mining heyday can still be found around town, as exemplified by the Atomic Hair Salon, a local establishment known for its blowout hairstyles.
The biggest nod to Moab's uranium history can be seen at the Moab Uranium Mill Tailings Remedial Action project, a vast, 194-hectare site just outside of town. The site, part of a decades-long, $1 billion Department of Energy effort to remove toxic tailings leaching into the Colorado River, is due to be completed within five years.
The toxic legacy of Moab's uranium mills makes some residents wary of restarting uranium mining and processing, especially after the Trump administration curtailed their public input during the Velvet-Wood mine approval process.
"This was a process I would have been involved in," said Sarah Fields, director of the local group Uranium Watch. "They provided no opportunity for the public to say, 'You need to look at this, you need to look at that.'"
Critics like Amber Reimondo, energy director at the Grand Canyon Trust, argue that the U.S. nuclear industry is not at risk of losing access to uranium. "This is all being done under the assumption there's some energy emergency, and that is just not true," she said.
The Dancing Act of Supply and Demand
Beyond the borders of Moab, other nuclear energy projects point to the American industry's future.
With billionaire Bill Gates' backing, TerraPower is building a 345-megawatt sodium-cooled fast reactor outside Kemmerer, Wyoming. This new design, if successful, could offer carbon-free power at lower costs and shorter construction times compared to conventional reactor units.
Meanwhile, around 40% of the uranium mined in the U.S. in 2024 originated from Wyoming "in-situ" mines that employ wells to dissolve uranium in underground deposits and pump it to the surface, avoiding the need for extensive surface mining. Similar mining methods in Texas and Nebraska and stockpiled ore processed at White Mesa accounted for the rest.
As the world shifts towards electric vehicles and advanced technology, electricity demands will grow. Nuclear power offers a zero-carbon, round-the-clock energy solution. Meeting that demand domestically is another story. With prices higher, nearly 700,000 pounds of yellowcake were produced in the U.S. in 2024 - a dramatic increase from the year prior, but still far short of the 32 million pounds imported into the U.S.
Even when mining increases, it remains uncertain if the U.S. capacity to turn the ore into fuel would keep pace. Uhrie, the former uranium mining executive, notes, "Re-establishing a viable uranium industry from soup to nuts - meaning from mining through processing to yellow cake production, to conversion, to enrichment to produce nuclear fuel - remains a huge lift."
- The Trump administration's policy to expedite approvals for energy projects, such as uranium mining, isn't limited to uranium mines alone, but also extends to oil, gas, coal, biofuel, and hydropower projects on federal lands.
- The reawakening of the uranium mining industry under President Trump's rule is primarily driven by global uranium prices, which have seen a two-fold increase compared to their lowest point seven years ago due to the Trump administration's ban on uranium imports from Russia and the subsequent invasion of Ukraine.
- American politics and policy have long played a significant role in the uranium mining industry, with decisions such as the Trump administration's fast-tracking policy for energy projects impacting the industry's resurgence. However, market demands remain the critical factor for a true industry comeback.
