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Commerce Department Announces Deal to Reduce Russian Uranium Imports Over Long-Term; Key Step in Helping to Revive the U.S. Uranium Industry
Establishing Strategic Uranium Reserve Now Will Help Ensure U.S. Uranium Miners Can Benefit from the Agreement's Long-Term Restrictions LAKEWOOD, Colo., Sept. 1
About this update from Energy Fuels Inc.
[{"type":"text","content":" Establishing Strategic Uranium Reserve Now Will Help Ensure U.S. Uranium Miners Can Benefit from the Agreement's Long-Term Restrictions LAKEWOOD, Colo., Sept. 14, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\"), the leading producer of uranium in the United States, is pleased to announce that the U.S. Department of Commerce (\"Commerce\") has obtained Russia's agreement to extend limits on uranium imports into the U.S. from Russia through 2040 under an extended Russian Suspension Agreement (\"RSA\"). This is an important step toward maintaining the long-term health of the U.S. uranium mining industry, especially since the expiration of the RSA at the end of 2020 could have resulted in unlimited Russian uranium imports into the U.S. Commerce won important concessions from Russia, including lower quotas starting in the mid-2020's, allowing only a portion of the quotas to be used for the sale of U3O8 and conversion into the U.S., and strict controls on Russian enrichment service contracts. Mark S. Chalmers, President and CEO of Energy Fuels stated: \"Energy Fuels thanks the Department of Commerce for their efforts in reducing U.S. dependence on Russian uranium in the long tem. This is a critical step in restoring U.S. leadership in the global nuclear fuel sector and helping to revive the U.S. uranium mining industry. \"While we are pleased with the long-term prospects available to established U.S. uranium producers like Energy Fuels, the shorter-term picture for the U.S. uranium industry still remains uncertain. Even though Commerce has negotiated lower quotas starting in the mid-2020's, the agreement allows for the 'grandfathering' of existing contracts between U.S. nuclear utilities and Russian state-owned enterprises, which will actually result in Russian uranium imports into the U.S. increasing during the next three years, before decreasing in the mid 2020's. While the agreement does a good job at blocking Russia's stated intention to expand its share of the U.S. uranium market over the long-term, it only provides U.S. uranium miners with limited immediate relief. Today's announcement therefore highlights the importance and urgency of Congress appropriating the funds requested by the U.S. Department of Energy to support the strategic Uranium Reserve recommended by the U.S. Nuc...