LAKEWOOD, Colo., Dec. 22, 2020 /CNW/ - Energy Fuels Inc.
(NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the
"Company"), the largest uranium miner in the U.S., applauds the
bipartisan, bicameral launch of the U.S. uranium reserve, as
$75 million of funding was included
in the omnibus appropriation bill passed by both houses of Congress
last night. Appropriating funding for a U.S. uranium reserve was
one of the main recommendations of the U.S. Nuclear Fuel Working
Group, which was directed to make recommendations on securing the
domestic capacity to produce uranium and nuclear fuel. This key
funding opens the door for the U.S. government to purchase
domestically-produced uranium to guard against potential commercial
and national security risks presented by our country's near-total
reliance on foreign imports of uranium. The bill is expected to be
sent to the President for signature in the coming days.
Energy Fuels has been the number one uranium miner in the U.S.
since 2017, and the projects the Company now owns and operates have
produced roughly one-third of all uranium mined in the U.S. since
2006, ranking second among all U.S. uranium producers during that
period. Energy Fuels holds three (3) of the most productive uranium
facilities in the U.S., which together have a combined licensed
capacity to produce over 11.5 million pounds of uranium per year.
This includes the White Mesa Mill, located in southeast
Utah, which is the only
conventional uranium mill operating in the U.S. today, along with
the Nichols Ranch and Alta Mesa
in situ recovery ("ISR") facilities, located in Wyoming and Texas respectively, both of which are on
standby. The Company is therefore in an unmatched position and
stands ready to supply uranium for the reserve.
Mark S. Chalmers, President and
CEO of Energy Fuels stated: "Energy Fuels extends our gratitude to
Congress and the Administration for working together on a
bipartisan basis to appropriate these funds in 2021 for the
creation of a U.S. uranium reserve. We are extremely pleased to see
members on both sides of the aisle support a healthy domestic
uranium industry, so America cannot be held hostage by foreign
adversaries like Russia for the
fuel needed to generate clean, carbon-free nuclear energy. This
funding also has the potential to create good-paying jobs and
economic opportunity for under-served areas of Wyoming, Texas and Utah. We wish to extend a particular thank you
to Wyoming Senator John Barrasso, a tireless champion for the U.S.
uranium industry and a true advocate for ending America's
dependence on foreign adversaries for the critical minerals we need
today.
"Creation of a uranium reserve is truly a milestone for our
industry, and $75 million will go a
long way toward reviving and expanding the domestic production of
nuclear fuel in 2021 and beyond. We look forward to working with
the U.S. Department of Energy to make sure this funding is spent
wisely to support existing infrastructure by purchasing uranium
from existing, proven uranium facilities.
"Our White Mesa Mill in Utah is
a clean energy and critical minerals hub, a concept that goes much
farther than simply mining and producing uranium. Any funds used
through a Department of Energy program to purchase uranium from the
White Mesa Mill can have a 'multiplier effect', by not only
supporting the domestic uranium mining industry, but also by
advancing other important clean energy priorities, including rare
earth production, abandoned mine cleanup and supporting Native
American communities.
"Energy Fuels, and particularly our White Mesa Mill, is one of
the best untold clean energy stories in the U.S. today. The U.S.
uranium reserve can help revive domestic uranium production, while
also accelerating other important initiatives that play a part in
making the world a cleaner and healthier place."
About Energy Fuels: Energy Fuels is a leading
U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant, and anticipates commencing commercial
production of rare earth element ("REE") carbonate in 2021. Its
corporate offices are in Lakewood,
Colorado, near Denver, and
all of its assets and employees are in the United States. Energy Fuels holds three of
America's key uranium production centers: the White Mesa Mill in
Utah, the Nichols Ranch in-situ
recovery ("ISR") Project in Wyoming, and the Alta Mesa ISR Project in
Texas. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of
U3O8 per year, has the ability to produce
vanadium when market conditions warrant, and is completing final
test-work for the production of REE carbonate from various
uranium-bearing ores. The Nichols Ranch ISR Project is on standby
and has a licensed capacity of 2 million pounds of
U3O8 per year. The Alta Mesa ISR Project is
also on standby and has a licensed capacity of 1.5 million pounds
of U3O8 per year. In addition to the above
production facilities, Energy Fuels also has one of the largest NI
43-101 compliant uranium resource portfolios in the U.S. and
several uranium and uranium/vanadium mining projects on standby and
in various stages of permitting and development. The primary
trading market for Energy Fuels' common shares is the NYSE American
under the trading symbol "UUUU," and the Company's common shares
are also listed on the Toronto Stock Exchange under the trading
symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain
"Forward Looking Information" and "Forward Looking Statements"
within the meaning of applicable securities legislation, which
may include, but is not limited to, statements with respect to:
any expectation that the bill will be signed by the President of
the United States in its current
form or at all; any expectation that the amount appropriated by the
bill will go a long way toward reviving and expanding the domestic
production of nuclear fuel in 2021 and beyond; any expectation that
the U.S. uranium reserve will create a healthy domestic
uranium industry, so America cannot be held hostage by foreign
adversaries like Russia for the
fuel needed to generate nuclear energy; any expectation that the
Company will be able to sell any of its uranium into the U.S.
uranium reserve; any expectation that the Company's White Mesa Mill
is and will continue to be a clean energy and critical minerals
hub; any expectation that any funds appropriated for the U.S.
uranium reserve used to purchase uranium from the White Mesa Mill
will also advance other important clean energy priorities related
to uranium, including rare earth production and supporting Native
American communities; any expectation that the U.S. uranium reserve
has the potential to create good-paying jobs and economic
opportunity for under-served areas of Wyoming, Texas and Utah; any expectation that the Company is and
will continue to be a leading producer of uranium in the U.S.; any
expectation that the Company will be able to produce REE carbonate
from uranium-bearing ores or that the Company will commence
commercial production of REE carbonate in 2021 or at all; and any
other statements regarding Energy Fuels' future expectations,
beliefs, goals or prospects constitute forward-looking information
within the meaning of applicable securities legislation
(collectively, "forward-looking statements"). All statements in
this news release that are not statements of historical fact
(including statements containing the words "expects," "does not
expect," "plans," "anticipates," "does not anticipate," "believes,"
"intends," "estimates," "projects," "potential," "scheduled,"
"forecast," "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking statements are
subject to important risk factors and uncertainties, many of which
are beyond Energy Fuels' ability to control or predict. A number of
important factors could cause actual results or events to differ
materially from those indicated or implied by such forward-looking
statements, including without limitation factors relating to: any
expectation that the bill will be signed by the President of
the United States in its current
form or at all; any expectation that the amount appropriated by the
bill will go a long way toward reviving and expanding the domestic
production of nuclear fuel in 2021 and beyond; any expectation that
the U.S. uranium reserve will create a healthy domestic uranium
industry, so America cannot be held hostage by foreign adversaries
like Russia for the fuel needed to
generate nuclear energy; any expectation that the Company will be
able to sell any of its uranium into the U.S. uranium reserve; any
expectation that the Company's White Mesa Mill is and will continue
to be a clean energy and critical mineral hub; any expectation that
any funds appropriated for the U.S. uranium reserve used to
purchase uranium from the White Mesa Mill will also advance other
important clean energy priorities related to uranium, including
rare earth production and supporting Native American communities;
any expectation that the U.S. uranium reserve has the potential to
create good-paying jobs and economic opportunity for under-served
areas of Wyoming, Texas and Utah; any expectation that the Company is and
will continue to be a leading producer of uranium in the U.S.; any
expectation that the Company will be able to produce REE carbonate
from uranium-bearing ores or that the Company will commence
commercial production of REE carbonate in 2021 or at all; and the
other risk factors as described in Energy Fuels' most recent annual
report on Form 10-K and quarterly financial reports. Energy Fuels
assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional
information identifying risks and uncertainties is contained in
Energy Fuels' filings with the various securities commissions,
which are available online at www.sec.gov and www.sedar.com.
Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and
plans of the management of Energy Fuels relating to the future.
Readers are cautioned that such statements may not be appropriate
for other purposes. Readers are also cautioned not to place undue
reliance on these forward-looking statements, that speak only as of
the date hereof.
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SOURCE Energy Fuels Inc.