Energy Fuels (NYSE American: UUUU) (TSX: EFR), the largest uranium mining company in the United States, announced that the U.S. Department of Commerce has finalized a deal with Russia to reduce Russian imports through 2040. The Russian Suspension Agreement extends limitations on uranium imports from Russia into the United States and is a key step toward reviving the long-term health of the U.S. uranium mining industry. The agreement was originally scheduled to expire at the end of 2020 and could have resulted in unlimited Russian uranium imports into the country. “Energy Fuels thanks the Department of Commerce for its efforts in reducing U.S. dependence on Russian uranium in the long term,” said Energy Fuels president and CEO Mark Chalmers in the press release. “This is a critical step in restoring U.S. leadership in the global nuclear fuel sector and helping to revive the U.S. uranium mining industry. . . . While the agreement does a good job at blocking Russia’s stated intention to expand its share of the U.S. uranium market over the long-term, it only provides U.S. uranium miners with limited immediate relief. Today’s announcement therefore highlights the importance and urgency of Congress appropriating the funds requested by the U.S. Department of Energy to support the strategic Uranium Reserve recommended by the U.S. Nuclear Fuel Working Group.
To view the full press release, visit http://ibn.fm/iCasD
About Energy Fuels Inc.
Energy Fuels is the leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers — the White Mesa Mill in Utah, the Nichols Ranch In-Situ Recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to these production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” 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
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