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Most advanced asset: Anfield Energy has referred to the Velvet-Wood mine as its “most advanced uranium/vanadium asset.” Between 1979 and its shutdown in 1984, the mine produced approximately 4 million pounds of triuranium octoxide (U3O8) and 5 million pounds of vanadium oxide (V2O5). That production came from some 400,000 tons of ore with grades of 0.46 percent U3O8 and 0.64 percent V2O5.

The company acquired the mine in 2015, along with the nearby Shootaring Canyon Mill, where the minerals will be processed. Anfield Energy’s other U.S.-based assets include the Slick Rock, Frank M, and Paradox mining projects—all located within 200 miles of Shootaring Canyon.

Current resources: Based on a 2023 Preliminary Economic Assessment (PEA), Velvet-Wood’s current resources are estimated to be about 4.6 million pounds of U3O8 at 0.29 percent grade (measured and indicated) and 552,000 pounds of U3O8 at 0.32 percent grade (inferred), with a 1.4:1 vanadium-to-uranium ratio.

Reinvigorating the fuel cycle: Dias said that the reopening of the Velvet-Wood mine would help reinvigorate the nuclear fuel cycle and expand the nuclear workforce. “Velvet-Wood positions us to supply uranium for clean energy, medical isotopes, and naval propulsion, while vanadium strengthens infrastructure and aerospace,” he added.

Environmental concerns: The planned reopening of the Velvet-Wood mine has drawn protestors to the site who are arguing that an expedited environmental review for the mine amounts to “fast-tracking ourselves into creating a wasteland in Utah out of this precious environment.” In addition, local indigenous groups, including the Ute Mountain Ute Tribe, continue to express concerns about uranium mining and milling near their communities.