Energy security

Uranium producers await US presidential decision

The investigation, under Section 232 of the Trade Expansion Act of 1962, was triggered by the filing in January 2018 of a petition by uranium mining companies Energy Fuels Inc and Ur-Energy. In it, the companies said the loss of a viable US uranium mining industry would have a significant detrimental impact on the country's national, energy and economic security and its ability to sustain an independent nuclear fuel cycle. They sought a quota to limit imports of uranium into the USA, effectively reserving 25% of the market for domestic production, and a "buy American" policy for federal entities needing to purchase the material.

EnergyFuels and Ur Energy yesterday said: "We have not seen the DOC report, which is expected to remain confidential, but we believe the facts are clear ... The once robust American uranium mining industry is disappearing because a flood of state-subsidised imports has made fair competition impossible."

The presidential decision must be made by 15 July, at the latest.

Wayne Heili, managing director and CEO of Peninsula Energy, said the company would in the meantime continue to focus on enhancing the production capacity and the cost effectiveness of its Lance project in Wyoming.

"With the outcomes of the Section 232 investigation sitting outside of its control, we await the presidential review process and will provide further updates to the market when the outcomes of that process are known," he said.

Blake Steele, president and CEO of Azarga Uranium, also said the company would continue to focus on executing its corporate strategy pending any decision.