David Miller: A Recovery for Uranium is Now Unfolding
David became familiar with uranium when he was hired by Utah International which was later acquired by General Electric. Utah became the uranium exploration branch to supply General Electric with uranium. He worked for them for twenty years and then became CEO of Strathmore.
He discusses how uranium went as low as seven dollars around 2002. He predicted that uranium prices would go to twenty, then forty and then one hundred. Eventually uranium reached a high of one hundred and forty. However, the utilities then petitioned the U.S. government to release their uranium supply into the market. This did reduce the price over several years, and then once Fukushima happened the price fell sharply.
Strathmore at one point had more properties than all the other uranium companies combined. This was a confusing story for the investor as most didn’t understand just how large a role the company had in the uranium space.
Japanese uranium selling over the past decade did suppress the price, but they are now buyers once again. China has to do something about their emissions, and they want to reduce their coal consumption. India also has issues with excess coal use. Overall reactor construction is increasing across much of Asia.
People are beginning to realize that nuclear energy is amongst the safest methods of producing power with even Australia now considering more nuclear plants.
The price of uranium is going to pop at some point because most mines need sixty dollar uranium to turn a profit.
He discusses the potential for another McArthur river or Cigar Lake in the Athabasca basin. He thinks ALX will be in the top tier for discoveries in the Athabasca Basin.
Time Stamp References:
0:45 – David’s extensive experience with uranium.
2:00 – Strathmore C.E.O and the uranium bull market.
3:30 – Uranium pricing during 2001, 2002.
6:00 – Demand for uranium increasing.
7:45 – Safety of nuclear energy.
9:15 – Mistakes during his career.
12:00 – Uranium will outperform.
13:00 – ALX in the Athabasca
Talking Points From This Week’s Episode
• Thoughts from the last uranium bull run.
• The world is waking up to the usefulness of nuclear energy.
• Potential for significant discoveries in the Athabasca.
• The price of uranium will pop up at some point.
David Miller is Director of ALX Uranium Corporation. Mr. Miller is a businessman, professional economic geologist, and an elected member of the Wyoming Legislature. David served as the Chief Executive Officer of Strathmore Minerals Corp. before its merger with Energy Fuels in 2013. His primary professional focus has been on mineral exploration, development, and mining, and his career has spanned over 40 years with a chain of companies that started with Utah International in the United States, which evolved into AREVA, the French nuclear power conglomerate. Also, he has consulted for the IAEA (International Atomic Energy Commission) in Austria and China.
Mr. Miller is a recognized expert in the nuclear and energy field and has been featured in recent years in the New York Times, BBC, CNBC, CNN, Business News Network, Wall Street Journal, Globe and Mail, and Barron’s. He is also the author of “Investing in the Great Uranium Bull Market.” David is an eight-term member of the Wyoming Legislature and currently serves as Majority Floor Leader of the Wyoming House of Representatives. David graduated from the University of Missouri with a degree in Geology. He is a Registered Professional Geologist in Wyoming, a Registered Member of the Society for Mining, Metallurgy & Exploration and is a Fellow in the Society of Economic Geologists. Mr. Miller’s professional career has taken him worldwide, working with companies in Japan and South Korea, evaluating projects from Laos to Mongolia, Bolivia to Alaska, and in Canada. His expertise in commodities includes fissionable materials, precious and base metals, fossil fuels and lithium.