FULL DISCLOSURE: The Deep Dive is long the equity of Anfield Energy.
The Trump administration approved a uranium mine in southeastern Utah following a 14-day environmental review, the first project to receive approval under new emergency procedures that compress timelines from years to weeks.
The Interior Department said Anfield Energy’s (TSXV: AEC) Velvet-Wood mine project received approval as part of the administration’s response to a national energy emergency declared by President Donald Trump in January. The department announced the fast-tracking in May but confirmed final approval this week.
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“This approval marks a turning point in how we secure America’s mineral future,” Interior Secretary Doug Burgum said in a statement. “By streamlining the review process for critical mineral projects like Velvet-Wood, we’re reducing dependence on foreign adversaries and ensuring our military, medical and energy sectors have the resources they need to thrive.”
The Canadian company’s project in San Juan County will produce uranium for nuclear energy and vanadium, a metal used in steel production and batteries. The underground mine will disturb only 3 acres of new surface area by using existing mine workings, the Interior Department said.
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Standard environmental assessments for mining projects usually require months or years to complete because of the complex environmental considerations involved. The accelerated timeline follows Trump’s January executive orders aimed at boosting domestic energy production and reducing reliance on imports.
The mine would help address US dependence on foreign uranium. About 99% of uranium used by American nuclear power plants currently comes from other countries, including Russia, Kazakhstan and Uzbekistan, according to government data.
“We are very pleased that Velvet-Wood has been selected for expedited permitting,” Anfield CEO Corey Dias said. “As a past-producing uranium and vanadium mine with a small environmental footprint, Velvet-Wood is well-suited for this accelerated review. This marks a major milestone for Anfield as we look to play a meaningful role in rebuilding America’s domestic uranium and vanadium supply chain.”
The project site produced about 400,000 tons of ore between 1979 and 1984 under previous ownership, yielding roughly 4 million pounds of uranium oxide and 5 million pounds of vanadium pentoxide.
Anfield also owns the nearby Shootaring Canyon uranium mill, one of only three licensed conventional uranium mills in the United States. The company plans to restart the facility, which has been under maintenance since operating briefly in 1982, to process ore from the mine.
Utah Gov. Spencer Cox praised the decision, saying the state has long advocated for permitting reforms.
“For years, we’ve called for commonsense reforms that make it easier to build without sacrificing environmental stewardship,” Cox said. “There’s no reason permitting can’t be both timely and responsible — and we’re hopeful this project will prove just that.”
The approval comes as the Trump administration pushes to expand domestic production of critical minerals through several executive orders. These include establishing a National Energy Dominance Council and implementing emergency authorities under environmental laws.
Anfield filed its plan of operations for the project in May 2024 with Utah and the Bureau of Land Management. The company has submitted applications for a NASDAQ listing as it positions itself as a near-term US uranium producer.
A 2023 economic assessment estimated mine-related capital expenditures of $15.3 million for the project. Anfield expects to begin uranium and vanadium production by 2026 following mill refurbishment.
The Velvet-Wood project contains an estimated 4.6 million pounds of uranium oxide equivalent, according to company data.
Information for this story was found via Reuters, and the sources and companies mentioned.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Anfield Energy. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
