Peninsula Energy makes first tri-uranium octoxide shipment to U.S. utility

Peninsula Energy Ltd. said recently that it has completed its first tri-uranium octoxide delivery to a U.S. utility.

The delivery was facilitated through the company’s subsidiary, Strata Energy Inc., through a purchase agreement made in 2011. The company said it is currently managing four agreements similar to this one that facilitate a majority of the company’s operations in production within its first five years. Peninsula Managing Director and CEO John Simpson said in a statement these sales have garnered significant revenue-stream certainty and that they allow development of future production and contracting.

Simpson also said the uranium production and shipping market is likely to grow and is expected to see increased sales prices for uranium ore and uranium compounds.

The company did not reveal which U.S. utility received this inaugural uranium shipment.

Peninsula also said its uranium-recovery operations at the Ross Permit Area in Wyoming began in December and that well-flow rates are showing positive results from its first header house, with a second one planned. The company said seven houses will eventually be in operation at the site for the first phase of the project.