Proactive Investors - Run By Investors For Investors

Energy Fuels welcomes US Department of Commerce report on uranium imports and awaits President Trump's response

The firm said it is pleased the US Department of Commerce has submitted a report to the White House into the effects of uranium imports on US national security
uranium mining
Energy Fuels is US-based fully-integrated producer of both uranium and vanadium

Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) announced Tuesday that it is pleased the US Department of Commerce has submitted the section 232 report to the White House into the effects of uranium imports on US national security.

President Trump now has 90 days from April 14 to act on the DOC's recommendations, said the company in a release, adding it has not seen DOC report, which is expected to remain confidential, but believes "the facts are clear," it said in a release. The Section 232 probe was prompted by a petition filed by Energy Fuels and Ur-Energy Inc. 

"Uranium imports, increasingly from state-owned enterprises in adversarial countries like Russia and its allies, created a stark national security crisis. More than 60 percent of newly mined uranium around the world now comes from state-owned enterprises that unfriendly nations control," noted the company in a release. "The once robust American uranium mining industry is disappearing because a flood of state-subsidized imports has made fair competition impossible."

READ: Energy Fuels shares advance as it lauds vanadium production from Utah mill

Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US.

In the petition, the firms proposed that President Trump implement two remedies, with an aim to preserve U.S. national security and help the domestic uranium mining industry recover.

"This includes a quota that, in effect, reserves 25 percent of the domestic market for U.S.-mined uranium and a "Buy American" policy for U.S. government entities that use uranium," said the company in a statement adding, "We believe that President Trump will recognize the danger of imported uranium and act before it is too late."

Shares of Energy Fuels were up 2.1% at US$3.10 in New York and up 2% at C$4.15 in Toronto. 

 

-- updates share price -- 

Contact Katie Lewis at [email protected]

 

View full EFR profile View Profile

Energy Fuels Inc. Timeline

Related Articles

Sandstone project map
January 25 2019
Alto is chaired by its largest shareholder, businessman and minerals chemist Terry Wheeler.
The high-grade Aucu project on a Kyrgyzstan map
January 22 2019
White Cliff Minerals has a portfolio of projects, including a high-grade gold project in the Kyrgyz Republic and nickel-cobalt battery minerals projects in Western Australia. The company is undertaking a review of its assets, hoping to determine how it can maximise value and save on costs.
Gold
March 20 2019
The company aims to unlock the potential of Japan’s gold resources

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use