The board of directors of Peninsula Energy of Australia has made an accounting investment decision to restart production at its Lance uranium mine in Wyoming, USA, in the first quarter of 2023 and complete delivery of existing offtake contracts in the fourth quarter of 2023.  

The investment decided to raise A $35 million (US $24 million) in equity to support the mine's restart.  Preparations have been completed and the restart has begun, the company said.  

With 20,000 tons of uranium reserves, the Lance Uranium Mine is one of the largest uranium mining and production projects in the United States.  The last uranium production from the project was in July 2019, when the extraction rate using the high pH ground leaching method (ISL) was lower than expected.  After research and field tests, the mine will resume production using a low-pH process, which will be the only project in the United States that allows low-pH in-situ leaching to produce uranium.