Amir Adnani saw potential in an ever-growing need for energy and a scarce supply of uranium.
"When I studied and understood what was going on in the uranium market because of the broader development in nuclear industry and the nuclear renaissance, I felt like this was a very compelling situation to get involved with," he said.
The entrepreneur has grown Uranium Energy Corp. from exploration to production in just five years. The company's growth has been fuelled by acquiring other companies and gaining their exploration rights and results.
The uncluttered field is one of the things that appealed to Adnani.
"There's only six or seven companies in the world that mine uranium … . If you set up to become a producer of any other key metal, you're one of many," he said. "In uranium, you're part of a very exclusive club."
The company now has several wells using the in-situ recovery method, which involves pumping water and oxygen into the ground and dissolving and recovering uranium in chemical solutions.
The practice, said Adnani, is more cost effective and causes less environmental harm than traditional open pit or underground mining methods. ISR is now used in one-third of global uranium mining.
Looking into the future, Adnani has ambitious goals for his company.
"Our objective over the next two to five years is to expand and increase our uranium production in the U.S. to become the largest uranium producer in the U.S.," he said. •
photo | Mark Mushet