The company had recently completed an evaluation of its operations and various production sources and has subsequently decided to halt operations at Beaver and Daneros properties alongside the Pandora property during the first and second quarter of 2013 respectively.

The said mines will resume operations at an unspecified time depending on market conditions.

Commenting on the developments Energy Fuels president and CEO Stephen Antony remarked that the company is well-equipped to adjust its operations according to changing market conditions.

"Within our portfolio of assets, we have lower cost sources of production, such as the high-grade breccia pipe mines in the Arizona Strip and the ability to process alternate feed materials at the White Mesa Mill for which there is no mining cost.

"In addition, we will continue to invest in development projects that will keep Energy Fuels as the leading US uranium producer, including the development of the Canyon mine in Arizona and the continuation of permitting activities at our Sheep Mountain project in Wyoming," said Antony.