logo-loader
viewEnergy Fuels Inc.

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]

 

Quick facts: Energy Fuels Inc.

Price: 2.78 CAD

TSX:EFR
Market: TSX
Market Cap: $276.16 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Energy Fuels Inc. named herein, including the promotion by the Company of Energy Fuels Inc. in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Energy Fuels commends President Trump's decision to review domestic...

Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) CEO Mark Chalmers tells Proactive Investors that the Colorado-based uranium-mining company is pleased with President Donald Trump's decision to commence a new review of the domestic nuclear fuel supply chain. In a written memo, Trump said he did...

on 15/7/19

2 min read