CORPUS CHRISTI, Texas,
March 26, 2021 /PRNewswire/ - Uranium
Energy Corp (NYSE: UEC) (the "Company" or "UEC") is pleased to
report our Executive Vice President Scott
Melbye, and current President of the Uranium Producers of
America, presented testimony at the Full Committee Hearing on
Nuclear Energy for the Senate Committee on Energy & Natural
Resources on March 25, 2021.
A link to watch the video of Mr. Melbye's testimony and the full
text are below:
https://www.uraniumenergy.com/usuranium/
"It is an honor to testify before the Senate Energy and
Natural Resources Committee. I am a second-generation
American uranium miner, current President of the Uranium Producers
of America and Executive Vice President of Uranium Energy Corp,
with operations Texas and
Wyoming.
I have 36 years of experience in every facet of the
international nuclear fuel cycle from the production and global
marketing of uranium to its use as clean-energy fuel in the Palo
Verde Nuclear Station near Phoenix,
Arizona.
This is an exciting time for nuclear, which is already
providing electricity to 1 in 5 American homes and over half of our
nation's carbon-free power. Nuclear power can work hand in
hand with other green technologies, like wind and solar, to help
advance the American clean energy revolution. But the United
States must re-establish its global nuclear leadership, including a
robust nuclear fuel cycle that has been eroded by Russia, China, and state-owned uranium entities in
recent years.
America is dangerously close to losing our uranium fuel
industrial base:
- We lack a domestic enrichment capacity free of control by
foreign powers;
- The sole U.S. conversion facility in Illinois has been idle since 2017 and will
restart operations in 2023;
- we are nearly completely dependent on foreign uranium
imports – state-owned entities in Russia, Kazakhstan, and Uzbekistan are supplying almost half of the
fuel used by America's reactor fleet.
- Chinese state-owned entities are capturing large portions of
global uranium mining capacity, taking supply out of the
free-market and putting it under Beijing's control.
Uranium is also required for naval propulsion and nuclear
deterrence, the pure essence of what it means to be a critical
mineral. The 93 small modular reactors in our fleet of 82
aircraft carriers and submarines have defended our interests safely
and reliably since the 1950's. These reactors must rely on
U.S. origin uranium which is unobligated to the controls of foreign
nations and we need to retain our ability to independently refuel
them. TVA's tritium production and Department of Defense
micro-reactors have similar domestic uranium requirements.
Absent a renewed commitment to America's nuclear fuel cycle, we are
jeopardizing our defense capabilities and our clean energy
goals.
Russia and China fully leverage energy dominance to their
geopolitical advantage. They are playing a long game in a way
America is not, using their nuclear energy clout to strengthen
geopolitical ties with energy-starved countries around the
world. America is also risking its seat at the global
nonproliferation table.
The similarities to our rare earth mineral dependance on
China are startling, but it
doesn't have to be this way and it isn't too late. We have
over one billion pounds of uranium in known and likely deposits in
the United States. With 21st century conventional
mining practices and environmentally friendly in-situ uranium
recovery technology, the modern uranium mining industry is very
different than was the case in the 1950's. We are highly regulated,
and embrace (for many reasons) the world's highest health, safety,
and environmental protection standards. We are
cost-competitive globally but for the price undercutting tactics of
state-owned companies.
With swift action to implement the strategic uranium reserve,
the Department of Energy can take advantage of the licensed
infrastructure and human resources we still have on
standby.
Congress recently appropriated 75
million dollars for the uranium reserve on a bipartisan
basis and with the support of nuclear utilities. It is
crucial the Department move quickly to begin purchasing uranium
this year. This will preserve the industrial base, guard
against global supply disruptions, and create a source of
U.S.-origin uranium for defense needs. We urge Congress to
grant the full funding recommended over the next ten years by the
interagency Nuclear Fuel Working Group led by the Department of
Energy. 150 million dollars a
year is a modest investment considering it will preserve the
nuclear fuel cycle in the U.S. instead of ceding it to Russia, China, and their allies.
In closing, I applaud this Committee for exploring ways to
advance America's nuclear leadership and capabilities in support of
clean energy goals, national security, and our global competitive
presence. I look forward to taking any questions that you may
have."
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. As a leading pure-play American uranium
company, UEC is advancing the next generation of low-cost and
environmentally friendly In-Situ Recovery (ISR) mining uranium
projects. In South Texas, the Company's hub-and-spoke
operations are anchored by our fully-licensed Hobson Processing
Facility which is central to our Palangana, Burke Hollow,
Goliad and other ISR pipeline
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's diversified holdings provide exposure to a unique
portfolio of uranium related assets, including: 1) major equity
stake in the only royalty company in the sector, Uranium Royalty
Corp; 2) physical uranium warehoused in the U.S.; and 3) a pipeline
of resource-stage uranium projects in Arizona, Colorado, New
Mexico and Paraguay. In
Paraguay, the Company owns one of
the largest and highest-grade ferro-titanium deposits in the world.
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
WKN: AØJDRR
ISN: US916896103
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SOURCE Uranium Energy Corp