The transition to the use of clean energy in the United States has led Democrats to call for more mining, with experts agreeing that for a much faster transition away from the use of fossil fuels, more mining needs to be done to help build new transportation and energy systems.
Recently, President Joseph Biden ordered that resources be directed toward the support of new mining activities in the country. These activities will all be aimed at the acquisition of the minerals required to manufacture electric car batteries, including nickel, lithium, graphite, cobalt and manganese.
The president’s order came after a hearing was held by the Senate Energy and Natural Resources Committee. The hearing included two representatives of mining firms and a trio of experts on the mining industry. The representatives were the CEOs of Uranium Energy Corp. Scott Melbye and Twin Metals’ Julie Padilla.
During the hearing, Sen. John Hickenlooper stated that minerals would play a pivotal role in the energy transition. Sen. Catherine Cortez Masto requested that the government streamline the permitting process, proclaiming that mining in the state of Nevada would play a crucial role in the country’s critical mineral future. Sen. Ron Wyden also stated that it was important to produce more minerals domestically and decrease America’s dependence on minerals that were foreign produced.
Currently, the United States primarily relies on foreign sources including China for the supply of these critical minerals. Many believe that this reliance poses a risk to the country’s national economic stability, especially now that the U.S. is transitioning away from the use of oil and gas. Wyden, who recently introduced a measure that would subsidize various mining activities, added that decreasing the country’s dependence on other nations was a national security issue as well as an environmental one.
In an interview, Senate Energy and Natural Resources Chair Joe Manchin stated that meeting the demand for critical minerals in the country was the current objective. Additionally, Biden tied his greenhouse gas emissions goals to his Defense Product Act critical minerals. During an event at the White House, he stated that the country needed to strengthen its commitment to clean energy and help tackle the climate crisis with the help of U.S. allies and partners around the globe, while also choosing long-term security.
Murkowksi noted that she saw potential for a more traditional bipartisan energy package, especially with Ukraine’s invasion by Russia. Legislators hope that as the Biden administration ramps up production in the mining industry, it will do so with care and caution.
As more mining activity, especially with regard to uranium starts taking place domestically, there will be a strong economic case for the uranium extracted by companies such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) to be processed locally rather than being shipped overseas for processing.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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