Energy Fuels Inc. (EFR:TSX; UUUU:NYSE.American) noted in a news release that it supports President Trump's plan, announced on Feb. 10, to establish a strategic U.S. uranium reserve.
"This is an important step toward addressing the devastating impact of our nation's overdependence on uranium imports from Russia and its allies, which is displacing free market uranium and forcing U.S. mines out of business," Energy Fuels President and CEO Mark S. Chalmers said in the release.
Trump's plan calls for a budget of $150 million annually over the next 10 years, which amounts to $1.5 billion over that period, to develop a domestic uranium reserve.
For one, it aims to help re-establish the U.S.' nuclear fuel supply chain through uranium production at home. Another goal is "to provide additional assurances of availability of uranium in the event of a market disruption," the release quoted from A Budget for America's Future.
"As the owner of the only operating uranium mill in the United States, together with our extensive U.S. uranium production portfolio and existing inventories, at Energy Fuels, we believe we are well-positioned to provide a significant portion of the uranium needed for the reserve," Chalmers stated.
"Energy Fuels has been the largest uranium producer in the U.S. over the past several years. Our three existing, fully licensed, low-cost uranium processing facilities in Wyoming, Utah and Texas have over 11.5 million pounds of annual licensed uranium production capacity, significantly more than any other U.S. producer, and we are able to commence ramping up production immediately, Chalmers added."
Trump's announcement follows the recommendations provided by the U.S. Nuclear Fuel Working Group, which will continue its role of assessing problems with the country's uranium and fuel supplies and suggesting remedies.
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