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President Trump declines to set production quotas but orders new review into US uranium

Proactive Investors Saturday, 13 July 2019
Late Friday, President Trump declined to set quotas for US uranium production, however, has instead ordered a new 90-day review by a group of federal agencies. In a written memo, Trump said he did not agree with a US Department of Commerce investigation that found uranium imports could hurt US national security, however, wrote the findings "raise significant concerns," and in light of this was ordering a deeper review. "A fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain is necessary at this time." The Section 232 probe was prompted by a petition filed by Energy Fuels (TSE:EFR) (NYSEMKT:UUUU) and Ur-Energy Inc (TSE:URE) (NYSEAMERICAN:URG). Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mining in the US. Ur-Energy is a uranium mining company, which operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming. WATCH: Energy Fuels excited to see uranium imports report is now on the President's desk In the petition, the firms proposed that the president implement two remedies, with an aim to preserve US national security and help the domestic uranium mining industry recover. "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," noted Energy Fuels in a release in late April. "The once robust American uranium mining industry is disappearing because a flood of state-subsidized imports has made fair competition impossible." According to the Energy Information Administration in 2017, the US sourced 7% of its uranium domestically, with much of the rest coming from Canada, Australia and Russia. Shares of Energy Fuels dropped on Friday, down 36.9%. Ur-Energy shares were down 34.2%. Contact Katie Lewis at [email protected]
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