- President Trump’s U.S. Nuclear Fuel Working Group recently released strategy aimed at revitalizing U.S. nuclear fuel and uranium industries
- Three-part strategy prioritizes strengthening uranium mining industry with $150 million earmarked for direct government purchases
- Energy Fuels is largest U.S. uranium producer with more production assets, capacity than any other U.S. company
The Trump administration recently declared its plan to revitalize the U.S. nuclear energy industry, including supporting uranium production, as outlined in a recent strategy report released by the U.S. Nuclear Fuel Working Group (http://ibn.fm/mvTrl). Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the leading U.S. producer of uranium, is well-positioned to take a prominent role in the president’s plans due to having more assets, in-ground resources and production capacity than any other uranium producer in the United States.
With the goal of having the United States regain its international standing as a world leader in nuclear energy and nuclear fuel, the report outlines a strategy aimed to preserve and grow the U.S. nuclear fuel industry. Serving as a road map for regaining U.S. nuclear energy leadership, the three-pronged strategy begins with bold action to revive and strengthen the uranium mining and conversion industries, followed by investments in innovative nuclear designs and technology. The ultimate goal of these strategies is to reassert the United States into global nuclear markets currently being dominated by Russian and Chinese state-owned enterprises.
“It is within our power to pull America’s nuclear industrial base from the brink of collapse and restore our place as the global leader in nuclear technology, ensuring a strong national security position and buttressing our strength for generations to come,” states the report. Congress is expected to provided broad bipartisan support for these initiatives, which are designed to counter Russian and Chinese efforts to project power using their nuclear energy industries.
Strengthening the uranium mining industry – the first priority of the strategic plan – aims to end America’s near 100% reliance on foreign uranium through direct action taken to revitalize the industry. With the goal of leveling the playing field, so the U.S. can compete on the international market, the directives include purchases of natural uranium from companies such as Energy Fuels, sustaining conversion services, supporting the current fleet of nuclear reactors, removing strategic vulnerabilities across the nuclear fuel cycle and restoring the workforce.
Trump’s proposal to spend $150 million on a strategic U.S. uranium reserve will purchase uranium from domestic uranium producers that include Energy Fuels, the largest producer of uranium in the United States in recent years, and with assets that have accounted for over one-third of the nation’s natural uranium supply since 2006. With a licensed capacity of more than 8 million pounds of uranium per year, the company’s White Mesa Mill in Utah is the only conventional uranium mill in the country. Energy Fuels also owns and operates two ISR uranium facilities with an additional 3.5 million pounds of annual licensed capacity.
“Energy Fuels is the leading U.S. uranium producer, because we have proven assets with exceptional track records of production and environmental protection,” UUUU CEO Mark Chalmers said in a recent corporate presentation (http://ibn.fm/L9sCM).“Energy Fuels has been the largest producer of uranium over the last few years, and we have more uranium production assets and capacity to increase production quicker and on a greater scale than any other producer in the United States, by far.”
Headquartered in Lakewood, Colorado, Energy Fuels is the largest producer of uranium, and the leading conventional producer of vanadium, in the United States. The company’s asset portfolio boasts the most uranium production facilities and in-ground resources in the U.S., enabling the company to outproduce the domestic competition. With government plans currently in motion aimed at revitalizing the nuclear energy industry, UUUU is uniquely positioned to keep its role as the uranium production leader in the United States.
For more information, visit the company’s website at www.EnergyFuels.com
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU