Energy Fuels CEO sees increased demand, higher prices for uranium

Stephen Anthony, the president and CEO of Energy Fuels, Inc., said on Monday that the uranium business may be in the midst of a recovery thanks to a growing imbalance between supply and demand.

In his annual letter to shareholders, Anthony said his optimism stems from the growing demand for nuclear power worldwide because it is a clean source of energy that can address the problem of climate change. He pointed out that the United States should retain its leading position as the largest producer of nuclear power worldwide, but that China has a number of reactors being built and Japan may be ready to restart its nuclear program.

Anthony reiterated the company’s commitment to become the largest and most successful provider of uranium in the United States.

“I am excited to say that we are on our way to achieving this vision,” he said. “In 2014, we successfully executed our business plan, strengthened our balance sheet, increased our gross profitability, and exceeded the annual production and operations guidance from our previous financial statements.”

Anthony is optimistic that uranium prices should rise; and if they do, Energy Fuels is in an ideal position to meet demand by quickly building production.