In a news release, Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) announced it agrees with President Trump's fiscal 2021 budget proposal for $150 million annually for 10 years to develop a domestic uranium reserve.
"The budget proposal from President Trump confirms the administration's commitment to reviving the U.S. nuclear fuel cycle, of which uranium mining is a critical component," Azarga President and CEO Blake Steele said in the release.
Steele recapped the milestones Azarga has thus far reached on its flagship Dewey Burdock in South Dakota, all of which have helped derisk and advance the uranium project.
For one, the Colorado-based company completed and filed a preliminary economic assessment of the project, which outlined direct cash costs of $10.46 per pound of production and initial capital expenditures of $31.7 million. Also, Azarga received a positive decision on the Nuclear Regulatory Commission license, and it advanced the requisite permits from the Environmental Protection Agency.
"Our flagship asset, the advanced stage Dewey Burdock In-Situ Recovery Uranium Project in South Dakota, USA (the Dewey Burdock Project), is one of the preeminent undeveloped uranium projects in the United States. . .The company anticipates being well positioned to realize the benefits of the administration's support of the U.S. nuclear industry," Steele added.
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