Uranium mining operations in Wyoming are gearing up for a potential dramatic expansion in operations, as a proposed ban on Russian imports drives up prices for the crucial nuclear reactor fuel.Uranium spot prices hit $92.50 this week, the highest since 2007 and up more than 84 percent from a year ago, according to data shared with DailyMail.com by market-tracking firm UxC, LLC.
On Tuesday, the Department of Energy announced that it would seek bids from contractors to help establish a domestic supply of a uranium fuel enriched to higher levels, for use in the next generation of nuclear reactors.
That kind of fuel is currently only available in commercial levels from Russia, but will be crucial for long-term plans to build hundreds of small modular nuclear power reactors throughout the US, as an alternative to plants powered by fossil fuels.
Wyoming, the US state with the largest known uranium ore deposits, stands to prosper from the boom, and miners there could soon be adding hundreds of new employees, Cowboy State Daily recently reported.
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