CASPER, Wyo. (AP) - A uranium company has secured a $20 million state industrial development revenue bond to begin production at an in-situ uranium mine in northeast Wyoming. The bond for Uranerz Energy Corp. carries a 5.75 percent interest rate. Vancouver, Canada-based Uranerz expects to repay the bond within seven years.
Uranerz President and CEO Glenn Catchpole says the funding will allow the company to begin production at its Nichols Ranch project within a few months. The mine straddles the border between Campbell and Johnson counties.
Uranerz expects to mine between 600,000 and 800,000 pounds of uranium a year at Nichols Ranch. The mine is permitted to produce up to 2 million pounds a year. The state has purchased the bond issued by Johnson County.