Esmarie Swanepoel in Australia reports that Peninsula Energy was hoping to start uranium production from its Lance projects, in the US, by the first half of 2015, under a newly approved scalable production plan, the company said on Tuesday, announcing a re-engineered development plan. Studies completed in 2013 had projected that ore would be processed from the Ross, Kendrick and Barber units, and would feed into a central processing plant with a capacity of up to three-million pounds a year. However, Peninsula said the Board has now approved a three-stage scalable development plant for Wyoming-based Lance, which would provide for a lower-cost start-up.
Under the first stage, Lance would produce between 500,000 lb and 700,000 lb of uranium oxide (U3O8 - Yellowcake) a year, which would be increased to 1.2-million pounds a year.
The Stage 3 development would further increase production to a rate of 2.3-million pounds of U3O8 a year.
Gus Simpson, of Peninsula, said that the scalable production plan reduced the initial funding requirement to initiate sustainable production at Lance, Wyoming while also decreasing the volume of uranium that needed to be contracted in the Stage 1 operation, and allowing the company to defer most of the planned uranium sales contract until the uranium price was more attractive.
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