President Trump Establishes Working Group to Identify Ways to
Revive and Expand U.S. Nuclear Fuel Production
DENVER, July 13, 2019 /PRNewswire/ -- Ur-Energy
Inc. (NYSE American: URG; TSX: URE) ("Ur-Energy") and Energy Fuels
Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels") are
advised that on July 12, 2019,
President Trump announced that the U.S. Department of Commerce
(DOC) found that imports of uranium are a threat to U.S. national
security. President Trump established the U.S. Nuclear Fuel Working
Group to further study U.S. nuclear fuel production, including
uranium mining, as the next phase of this investigation.
We commend President Trump for recognizing the significant
challenges facing the American uranium mining industry. Over the
next 90 days, the working group will examine the current state of
U.S. nuclear fuel production and develop recommendations for
reinvigorating the entire nuclear fuel supply chain consistent with
U.S. national security and nonproliferation goals. Our two
companies will stand ready to support the working group as it
conducts its study.
In his memo, President Trump stated, "I agree with the Secretary
[of Commerce] that the United
States uranium industry faces significant challenges in
producing uranium domestically and that this is an issue of
national security."
The entire front end of the U.S. nuclear fuel cycle is under
siege. The American uranium mining industry will produce less than
1 percent of the uranium needed to fuel U.S. nuclear power plants
this year. The only domestic uranium conversion facility in the
U.S. shut down in 2017, and we lack any domestic uranium enrichment
capability for national security applications.
The industrial base to support U.S. nuclear fuel production is
rapidly disappearing. Reliance is shifting from allied to foreign
nuclear fuel sources and technology in much the same manner as what
has happened with rare earth minerals. We need nuclear power,
supported by a robust and reliable domestic uranium and nuclear
fuel industry, to power our 21st century economy and
ensure our national security.
As President Trump stated, the U.S. imports nearly all of the
uranium needed to meet commercial needs "because of increased
production by foreign state-owned enterprises, which have distorted
global prices and made it more difficult for domestic mines to
compete."
The Trump administration has identified uranium as critical to
the nation's security and economic prosperity, but the U.S.
overwhelmingly relies on imported uranium. Uranium deliveries from
state-owned companies in Russia,
Kazakhstan and Uzbekistan increased 16 percent from 2017 to
2018, according to the U.S. Energy Information Administration.
These countries provided 44 percent of the uranium imported in the
U.S. last year. Meanwhile, U.S. mines produced 37 percent less
uranium from 2017 to 2018, reaching a record low. Deliveries from
Canada and Australia, allied nations whose production is
also in steep decline due to the flood of uranium from state-owned
companies, declined by 25 percent.
We appreciate the administration's consideration of our Section
232 petition. We will continue to work with Congress and the
administration to reduce the nation's dangerous dependence on
uranium imports from our strategic adversaries. We look forward to
the U.S. Nuclear Fuel Working Group's study and
recommendations.
About Energy Fuels: Energy Fuels is a leading
integrated U.S. uranium mining company, supplying
U3O8 to major nuclear utilities. Its
corporate offices are in Denver,
Colorado, and all of its assets and employees are in the
western United States. Energy
Fuels holds three of America's key uranium production centers, the
White Mesa Mill in Utah, the
Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in
Texas. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today and has
a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch Processing
Facility is an in-situ recovery production center with a licensed
capacity of 2 million pounds of U3O8 per
year. Alta Mesa is an in-situ
recovery production center with a licensed capacity of 1.5 million
pounds of U3O8 per year, which is currently
on care and maintenance due to low uranium prices. Energy Fuels
also has the largest uranium resource portfolio in the U.S. among
producers, and uranium mining projects located in a number of
Western U.S. states, including one producing in-situ recovery
project, mines on standby, and mineral properties in various stages
of permitting and development. Energy Fuels also produces vanadium
from certain of its projects, as market conditions warrant. 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: what
recommendations will be made by the Working Group for the revival
and expansion of domestic nuclear fuel production and the impact of
those recommendations, 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: what recommendations will be made by the
Working Group for the revival and expansion of domestic nuclear
fuel production and the impact of those recommendations, 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.
For Further Information, Please Contact:
Karen Heinold
kheinold@pcgpr.com
202.379.6358
View original content to download
multimedia:http://www.prnewswire.com/news-releases/president-trump-announces-that-the-significant-challenges-facing-us-uranium-mining-are-a-national-security-issue-300884421.html
SOURCE Ur-Energy Inc.; Energy Fuels Inc.