Economic Development

One of Western Colorado’s main economic drivers is energy.

While tourism, recreation, and agriculture contribute to the region’s economy, energy is currently generating significant prosperity for Western Colorado communities.

Energy Fuels estimates that the Piñon Ridge Mill will directly create approximately 85 jobs at full capacity. Estimates further indicate that 80% of these jobs will be filled by local residents and that the salaries of these jobs will average between $40,000 and $75,000 per year, including benefits. Less directly, approximately 200 additional high-paying jobs are expected to be created through the opening of uranium mines in the area which can supply ore to the Piñon Ridge Mill.

These employees will positively impact local economies by spending their earnings on housing, gasoline, groceries and other goods and services. This influx of money will create a wide variety of economic and employment opportunities in Western Montrose County. The additional tax revenues generated can be used by local governments to invest in public services and infrastructure.

The communities near the Piñon Ridge Mill are well aware of both the benefits and challenges of economic development resulting from uranium mining. Thus, Energy Fuels, as part of the licensing process for the mill, has engaged a firm to prepare a thorough socioeconomic study examining the impacts that development would have in the following areas:

• Economics, including direct and downstream employment, income, and economic output
• Changes in population and demographics
• Housing
• Public infrastructure and services
• Public finance and tax revenues
• Community views, beliefs, lifestyles and quality of life

The economic benefits of uranium production for Western Montrose County are sustainable. In contrast to the past, the current demand for uranium is market driven. Increased demand for domestically produced electricity from environmentally clean nuclear power plants creates a demand for uranium to fuel the nuclear reactors. Domestically produced uranium will reduce the United States’ dependence on foreign supplies of fuel. Those market forces should result in long-term, sustainable economic growth for Western Montrose County and not a boom-and-bust scenario.