CORPUS CHRISTI, TX,
Sept. 15, 2020 /CNW/ - Uranium Energy
Corp (NYSE American: UEC, the "Company" or "UEC") applauds the U.S.
Department of Commerce ("DOC") for negotiating an amendment to the
Agreement Suspending the Antidumping Investigation on Uranium from
the Russian Federation ("RSA")
that reduces America's dependence on Russian natural uranium
concentrates up to 75% from prior levels. An initialed draft
agreement between the DOC and Russia's State Atomic Energy Company Rosatom,
was released for public comment on Friday, September
11th.
Secretary of Commerce Wilbur
Ross, stated: "This draft agreement represents an important
step forward for the American nuclear industry. If finalized,
it will contribute to the restoration of America's nuclear energy
advantage and protect the domestic industry from dumped Russian
uranium."
UEC Chairman and Former U.S. Energy Secretary, Spencer Abraham, stated: "The DOC should be
commended for their work to limit Russian imports, while balancing
the interests of the U.S. nuclear utility consumers and the
domestic uranium fuel cycle industries. This milestone will set the
stage for growth and opportunity in the domestic uranium mining
industry. Most importantly, the amendment protects our
national security interests by avoiding an over-reliance on Russian
nuclear fuel for our nuclear generating stations that provide 20%
of America's electricity and about 55% of our carbon-free
energy. The new RSA, plus the establishment of a strategic
national Uranium Reserve ("UR") of domestically mined and converted
uranium will go a long way toward fulfilling the Administration's
strategy to restore American nuclear energy independence."
UEC CEO, Amir Adnani, added that;
"America's commercial reactor fleet needs domestic uranium for
supply diversity and assurance in their contract portfolios. With
no U.S. uranium production today, and many supply-chain challenges
globally, there is a clear opportunity for our Company as a
low-cost, domestic uranium supplier with licensed projects in
energy and mining friendly states like Texas and Wyoming. The strong bipartisan support for
nuclear energy in the United
States is exciting and we are looking forward to playing an
important role in America's energy independence, and
carbon-reduction goals in the coming years."
The RSA was set to expire at the end of this year and allowed
approximately 20% of U.S. low enriched uranium ("LEU") requirements
to be imported from Russia. The
amended agreement considers the components of nuclear fuel in LEU
with various limits depending on the specific component. The amount
of enrichment services varies but are set to average about 17% of
U.S. requirements through 2040 and are capped at 15% after
2027.
DOC noted the natural uranium and conversion components "will be
equivalent to approximately 7% of U.S. enrichment demand, and no
higher than 5% starting in 2026." This amounts to a reduction in
Russian natural uranium imports of up to 75% from prior
limits. For context, the U.S. consumes about 47 million
pounds U3O8 annually, the initialed agreement reduces the annual
natural uranium component limit from ~9.4 million pounds of Russian
U3O8 to less than 2.4 million pounds.
DOC is releasing a draft amendment of the RSA for public
comment, which will be due by 5:00pm
EST on September 28,
2020. The draft amendment is available to registered users at
https://access.trade.gov (reference case number A-821-802).
It will also be published in the Federal Register. DOC is
seeking to finalize an amendment to the RSA no later than
October 5, 2020, at which time it
will go into effect and become binding on the U.S. and Russia.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. In South Texas, the Company's
hub-and-spoke operations are anchored by the fully-licensed Hobson
Processing Facility which is central to the Palangana, Burke Hollow
and Goliad ISR projects. In Wyoming, UEC controls the Reno
Creek project, which is the largest permitted, pre-construction ISR
uranium project in the U.S. Additionally, the Company
controls a pipeline of uranium projects in Arizona, New
Mexico and Paraguay, a
uranium/vanadium project in Colorado and one of the highest-grade and
largest undeveloped Ferro-Titanium deposits in the world, located
in Paraguay. The Company's operations are managed by
professionals with a recognized profile for excellence in their
industry, a profile based on many decades of hands-on experience in
the key facets of uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
+Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
*Notice to U.S. Investors
The mineral resources referred to herein have been estimated in
accordance with the definition standards on mineral resources of
the Canadian Institute of Mining, Metallurgy and Petroleum referred
to in NI 43-101 and are not compliant with U.S. Securities and
Exchange Commission (the "SEC") Industry Guide 7 guidelines.
In addition, measured mineral resources, indicated mineral
resources and inferred mineral resources, while recognized and
required by Canadian regulations, are not defined terms under SEC
Industry Guide 7 and are normally not permitted to be used in
reports and registration statements filed with the SEC.
Accordingly, we have not reported them in the United States.
Investors are cautioned not to assume that any part or all of the
mineral resources in these categories will ever be converted into
mineral reserves. These terms have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It should be noted that
mineral resources which are not mineral reserves do not have
demonstrated economic viability. It cannot be assumed that
all or any part of measured mineral resources, indicated mineral
resources or inferred mineral resources will ever be upgraded to a
higher category. In accordance with Canadian rules, estimates
of inferred mineral resources cannot form the basis of feasibility
or other economic studies. Investors are cautioned not to
assume that any part of the reported measured mineral resources,
indicated mineral resources or inferred mineral resources referred
to herein are economically or legally mineable.
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release and oral statements
made from time to time by representatives of the Company are or may
constitute "forward-looking statements" as such term is used in
applicable United States and
Canadian laws and including, without limitation, within the meaning
of the Private Securities Litigation Reform Act of 1995, for which
the Company claims the protection of the safe harbor for
forward-looking statements. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any other statements that express
or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans, "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and should be
viewed as forward-looking statements. Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the actual results of exploration
activities, variations in the underlying assumptions associated
with the estimation or realization of mineral resources, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares,
accidents, labor disputes and other risks of the mining industry
including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be
achieved. Forward-looking information is subject to certain
risks, trends and uncertainties that could cause actual results to
differ materially from those projected. Many of these factors
are beyond the Company's ability to control or predict.
Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy securities.
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SOURCE Uranium Energy Corp