Energy Fuels Inc (NYSEAMERICAN:UUUU) (TSE:EFR) and Ur-Energy Inc (NYSEAMERICAN:URG) (TSE:URE) said Tuesday they recently hosted a team of US Department of Commerce investigators visiting four uranium facilities in Utah and Wyoming.
The Denver-based companies are asking President Donald Trump to impose a quota that would reserve 25% of the US market for domestic uranium producers. The Commerce Department is conducting an investigation under Section 232 of the Trade Expansion Act of 1962 to determine if uranium imports are undermining national security.
The tour included stops in Utah at Energy Fuels' White Mesa Mill, which is the only operating uranium mill in the US, and the La Sal Complex, which is one of only two underground uranium mines currently operating in North America.
The Commerce Department team also visited two operating uranium recovery facilities in Wyoming: Energy Fuels' Nichols Ranch ISR Project and Ur-Energy's Lost Creek ISR Project.
"We demonstrated to the Commerce team that the US industry can compete in a global market on a level playing field," Jeffrey Klenda, chair and CEO of Ur-Energy, said in a press release. "We look forward to the DOC's findings and to President Trump’s using his authority to take action to support a sustainable domestic uranium mining industry."
Energy Fuels CEO Mark Chalmers added that “domestic companies can supply the US nuclear power industry and meet our national security needs well into the future."
The companies filed the Section 232 petition in January, and Commerce Secretary Wilbur Ross began the investigation in July. The Commerce Department has 270 days to conduct its investigation and make recommendations to Trump, who then has 90 days to decide whether to act on those recommendations or take other actions, according to the companies.
Shares of Ur-Energy climbed US$0.01 to US$0.70 in Tuesday’s New York trading while slipping C$0.01 to C$0.91 in Toronto. Energy Fuels fell US$0.06 to US$3.02 in New York and was down C$0.07 to C$4.01 in Toronto.
Contact Dennis Fitzgerald at [email protected]