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Ur-Energy and Energy Fuels Announce U.S. Department of Commerce Has Initiated Investigation into Effects of Uranium Imports on U.S. National Security
Ur-Energy and Energy Fuels Announce U.S. Department of Commerce Has Initiated Investigatio...
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[{"type":"text","content":"\n\n\n\nUr-Energy and Energy Fuels Announce U.S. Department of Commerce Has Initiated Investigation into Effects of Uranium Imports on U.S. National Security\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nDENVER, July 18, 2018\n\n\n\nDENVER, July 18, 2018 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\") and Ur-Energy Inc. (NYSE American: URG; TSX: URE) (\"Ur-Energy\") are pleased to announce that on July 18, 2018, the U.S. Department of Commerce (\"DOC\") initiated an investigation into the effects of uranium imports on U.S. national security. This investigation was requested by Energy Fuels and Ur-Energy in their Petition for Relief Under Section 232 of the Trade Expansion Act of 1962 (the \"Petition\"), which was filed jointly by the companies on January 16, 2018.  \n\n\n \n \n\n \nThe Secretary of Commerce (the \"Secretary\") now has 270 days to conduct the investigation and submit a report to the President of the United States containing the Secretary's findings and proposed remedy, if any. Following receipt of the Secretary's report, the President then has up to 90 days to act on the Secretary's recommendations and, if necessary, take action to \"adjust the imports of an article and its derivatives\" and/or pursue other lawful, non-trade-related actions necessary to address the import threat. \n\nEnergy Fuels and Ur-Energy requested that the DOC conduct its investigation due to the following factors:\n\n\nIn 2017, U.S. uranium production fell to near historic lows due, in large part, to uranium and nuclear fuel imported from state-subsidized foreign entities; 2018 domestic production is likely to be even lower, with Q1-2018 production being 50 percent lower than Q1-2017.\nIn 2017, imports of uranium from state-owned and state-subsidized enterprises in Russia, Kazakhstan, and Uzbekistan fulfilled about one-third of U.S. demand, while purchases of U.S. uranium by owners of U.S. nuclear reactors dropped by 46 percent. In 2018, domestic producers are projected to fulfill only about 2 percent of total U.S. commerc...