Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Speaks Out on Importance of Sustainable, Domestic Uranium Sector
Apr 16th, 2020
The United States is by far the largest consumer of uranium in the world, yet the country imports nearly all of its uranium from state-owned and subsidized foreign sources, squeezing domestic suppliers and putting the U.S. supply chain in jeopardy. Uranium is designated by the U.S. government as vital to the nation’s security and economic prosperity, and the Department of Interior warned, “This dependency of the United States on foreign sources creates a strategic vulnerability for both its economy and military to adverse foreign government action, natural disaster, and other events that can disrupt supply of these key minerals.” Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (UUUU Profile), the United States’ largest domestic producer of uranium, has led recent efforts to warn the U.S. government about the security threats to uranium supply chain disruption and the vital importance of having a sustainable domestic uranium sector. If the U.S. fails to act, 20% of the nation’s electricity — and 55% of its clean, carbon-free electricity — may become hostage to malign foreign sources of uranium, and recent events show that any supply chain disruption, benign or intentional, can have devastating impact. Business takes supply chain security seriously, and government should too. Major logistics corporations such as XPO Logistics (NYSE: XPO) are solely devoted to providing supply chain solutions to the most successful business entities in the world. Similar attention to the nation’s supply of uranium must be addressed to ensure the continuity of the United States’ clean power supply. Reliable, low-cost sources for uranium production exist in the United States, as well as from free-market allies. Canada-based Cameco (NYSE: CCJ) (TSX: CCO) is one of the largest global providers of the uranium fuel needed to produce clean energy. UK-based Rio Tinto PLC (NYSE: RIO) produces uranium in addition to a myriad of other mineral resources, and Australian BHP Group (NYSE: BHP) provides needed minerals across the globe. The United States and its allies have the resources and know-how to produce uranium, and it’s time to end dangerous market dominance by Russian and Chinese state-owned and subsidized enterprises.