DENVER, April 16, 2019 /CNW/ - Ur-Energy Inc. (NYSE
American: URG; TSX: URE) ("Ur-Energy") and Energy Fuels Inc. (NYSE
American: UUUU; TSX: EFR) ("Energy Fuels") are pleased that on
April 14, 2019 the U.S. Department of
Commerce ("DOC") submitted a report to the White House on DOC's
investigation into the effects of uranium imports on U.S. national
security. The president now has up to 90 days from April 14 to act on the DOC's
recommendations.
We have not seen the DOC report, which is expected to remain
confidential, but we believe the facts are clear.
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. The once
robust American uranium mining industry is disappearing because a
flood of state-subsidized imports has made fair competition
impossible.
The U.S. is the world's largest consumer of uranium. It is a
vital element in the fuel for our nuclear Navy and the nuclear
power plants that provide 20 percent of our electricity and nearly
60 percent of our clean, carbon-free electricity. Yet, in 2019, our
domestic industry is expected to produce less than 1 percent of the
uranium U.S. utilities need to generate electricity. The rest will
come from other countries and increasingly from our
adversaries.
While uranium imports from our adversaries increase, production
from our allies is plummeting. Uranium mining companies in other
free market countries like Canada
and Australia are also suffering
because of state-subsidized production. Only one mine still
operates today in Canada and
production in Australia is
declining.
The world knows that Russia
weaponizes its natural resources and energy industries. We must not
allow the U.S. to be a target for Russia's geopolitical warfare by placing 20
percent of our electricity in the hands of oligarchs and state
officials who wish to diminish American influence and power.
Meanwhile, China is purchasing
uranium mines around the world that were previously reliable, free
market suppliers. China National Uranium Corporation is purchasing
the Rössing mine, meaning that China will dominate uranium production in
Namibia, a historic and important
supplier to the U.S.
In the Petition, we propose that President Trump implement two
common-sense remedies that will 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.
We believe that President Trump will recognize the danger of
imported uranium and act before it is too late.
About Energy Fuels: Energy Fuels is a
leading US-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 in 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 in operation and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is currently on standby. In addition to the above
production facilities, Energy Fuels also 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". Energy Fuels' website is
www.energyfuels.com.
About Ur-Energy: Ur-Energy is a
U.S. uranium mining company with corporate and operations offices
in Denver, Colorado and
Casper, Wyoming. Ur-Energy
operates the Lost Creek in-situ recovery uranium facility in
south-central Wyoming. Ur-Energy
has produced, packaged and shipped more than 2.5 million pounds
from Lost Creek since the commencement of operations.
Applications are under review by various agencies to incorporate
our LC East project area into the Lost Creek permits, and
to construct and operate at our Shirley Basin Project.
Ur-Energy is engaged in uranium mining, recovery and processing
activities in the United
States, including the acquisition, exploration, development
and operation of uranium mineral properties. The primary trading
market for Ur-Energy's common shares is the NYSE American under the
trading symbol "URG;" Ur-Energy's common shares also trade on the
Toronto Stock Exchange under the trading symbol "URE." Ur-Energy's
website is www.ur-energy.com.
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
statement, including any information relating to: the impacts of
our geopolitical rivals and adversaries, including Russia and China, on national security and uranium supply
in the U.S.; the potential of the U.S. to be unable to sustain an
independent nuclear fuel cycle and to become 100% dependent on
foreign parties; the outcome of the Department of Commerce Section
232 investigation as set forth in the report to the White House,
including whether the Secretary of Commerce has made one or more
recommendations to the President and the nature of the
recommendation(s); whether the President will act on the
recommendation and, if so, the nature of the action and remedy;
whether the U.S. will be able to rely on allies in the future for
the supply of needed uranium for our nuclear fuel cycle needs; and
any other statements regarding Energy Fuels' or Ur-Energy's future
expectations, beliefs, goals or prospects; constitute
forward-looking information within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements in this news release that are not
statements of historical fact (including statements containing the
words "expects," "does not expect," "plans," "anticipates," "does
not anticipate," "believes," "intends," "estimates," "projects,"
"potential," "scheduled," "forecast," "budget" and similar
expressions) should be considered forward-looking statements. All
such forward-looking statements are subject to important risk
factors and uncertainties, many of which are beyond Energy Fuels'
and Ur-Energy's ability to control or predict. A number of
important factors could cause actual results or events to differ
materially from those indicated or implied by such forward-looking
statements, including without limitation factors relating to: the
impacts of our geopolitical rivals and adversaries, including
Russia and China, on national security and uranium supply
in the U.S.; the potential of the U.S. to be unable to sustain an
independent nuclear fuel cycle and to become 100% dependent on
foreign parties; the outcome of the Department of Commerce Section
232 investigation as set forth in the report to the White House,
including whether the Secretary of Commerce has made one or more
recommendations to the President and the nature of the
recommendation(s); whether the President will act on the
recommendation and, if so, the nature of the action and remedy;
whether the U.S. will be able to rely on allies in the future for
the supply of needed uranium for our nuclear fuel cycle needs; and
other risk factors as described in Energy Fuels' and Ur-Energy's
most recent annual reports on Form 10-K and quarterly financial
reports. Energy Fuels and Ur-Energy assume no obligation to update
the information in this communication, except as otherwise required
by law. Additional information identifying risks and uncertainties
is contained in Energy Fuels' and Ur-Energy's filings with the
various securities commissions which are available online at
www.sec.gov and www.sedar.com. Forward-looking statements are
provided for the purpose of providing information about the current
expectations, beliefs and plans of the management of Energy Fuels
and Ur-Energy relating to the future. Readers are cautioned that
such statements may not be appropriate for other purposes. Readers
are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date
hereof.
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SOURCE Energy Fuels Inc.