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Energy Fuels announces US Department of Commerce investigating effects of uranium imports

The US Department of Commerce has initiated an investigation into the effects of uranium imports on US national security

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About 40% of US uranium needs are met by three countries: Russia, Kazakhstan and Uzbekistan

Energy Fuels Inc. (TSE:EFR) (NYSE:UUUU) announced Wednesday that the US Department of Commerce has initiated an investigation into the effects of uranium imports on US national security. 

In New York, shares of Energy Fuels popped 6.1% to stand at US$2.45. In Toronto, shares were up 6.6% at C$3.24. 

On Tuesday, Energy Fuels outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

READ: Energy Fuels Inc shares surge in New York as it issues response to paper

The company said the secretary of commerce has 270 days to conduct the investigation and submit a report to the president of the United States containing the findings.

"Following receipt of the secretary's report, the president then has up to 90 days to act on the secretary's recommendations and, if necessary, take action to "adjust the imports of an article and its derivatives" and/or pursue other lawful, non-trade-related actions necessary to address the import threat," the company said in a release. 

January petition

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc.campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Yesterday, Energy Fuels and Ur-Energy urged interested parties to "carefully analyze the economic impacts of the proposed remedies," adding that it believed the "the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security".

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

"The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry," it said.

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. 

Quick facts: Energy Fuels Inc.

Price: 2.7 CAD

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