In addition, the federal Environmental Protection Agency is considering Powertech's application for permits related to injecting water underground in the mining process.

The uranium market dropped after the 2011 earthquake and tsunami in Japan that severely damaged a nuclear power plant, Powertech's Hollenbeck said, but the market is recovering.

"I think long-term, nuclear power is here to stay as the only truly large-scale carbon-free electrical power production we have," Hollenbeck said.

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