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Peninsula Energy awaits President Trump’s review of Section 232 uranium investigation

The Department of Commerce has completed its investigation into the effects of high levels of uranium imports on US national security interests.

Uranium drums
The company is well placed to benefit from a positive outcome in the process

Peninsula Energy Ltd (ASX:PEN) is awaiting a review by US President Donald Trump into a report by the US Department of Commerce (DOC) investigating the effects of high levels of uranium imports on national security interests.

The DOC has completed an investigation undertaken in accordance with Section 232 of the Trade Expansion Act of 1962.

A DOC spokesman has confirmed that the completed report has been submitted to the White House.

READ: Peninsula Energy achieves objectives in low pH uranium mining phase demonstration

Peninsula’s managing director and CEO Wayne Heili said: “With the current transition to low pH in-situ recovery mining progressing at the Lance Projects [in Wyoming], Peninsula’s focus continues to be on enhancing production capacity and cost-effectiveness of the project.

“With the outcomes of the Section 232 investigation sitting outside our control, we await the Presidential review process and will provide further updates when the outcomes are known.”

The DOC investigation was conducted in response to a petition filed by two US uranium mining companies in January 2018.

It included consultations with industry stakeholders, members of Congress, the Department of Defence, the Department of Energy and other interested parties.

READ: Peninsula Energy on track for commercial-scale low-pH uranium at Lance Projects in 2019

The petition requested that the DOC investigate the effects of uranium imports on US national security and sought measures to increase the level of US mined uranium to ensure the long-term viability of the country’s uranium mining industry.

Petition seeks remedies

This petition sought certain remedies, including a 25% quota of annual US requirements being reserved for uranium mined in the US.

At this point, it is unknown if the DOC concurred with the remedies requested by petitioners.

Results of the investigation and any recommendations that the DOC may have proposed have not been made public.

President Trump now has up to 90 days to decide whether or not to take any action as a result of the investigation.

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