Energy Fuels unaware of any decision by the White House on uranium imports
Friday, 12 July 2019 Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) and Ur-Energy Inc released news Friday midday that it has not received word from the White House with respect to the US Department of Commerce investigation into the effects of uranium imports on US national security. The firm noted there have been a number of conflicting news reports, regarding a decision by President Trump on the uranium Section 232 petition. The Section 232 probe was prompted by a petition filed by Energy Fuels and Ur-Energy Inc. 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. "As of this morning, we have not been informed by the White House or the DOC that a decision has been made," noted the company in a release. "Once a decision is made public by the administration, we will convey the information via a joint press release." READ: Energy Fuels welcomes US Department of Commerce report on uranium imports and awaits President Trump's response President Trump had 90 days from April 14 to act on the DOC's recommendations, which runs until July 13, 2019. In April, Energy Fuels said it welcomed the DOC's report on uranium imports and looks forward to President Trump's response. 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 the company in a release in April. "The once robust American uranium mining industry is disappearing because a flood of state-subsidized imports has made fair competition impossible." WATCH: Energy Fuels excited to see uranium imports report is now on the President's desk 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 were halted on Friday. Contact Katie Lewis at [email protected]
In trading on Friday, metals & mining shares were relative laggards, down on the day by about 2.4%. Helping drag down the group were shares of Energy Fuels (UUUU), down about 34.9% and shares of UR Energy (URG) down about 32.8% on the day.