Energy Fuels Inc (TSE:EFR) (NYSEMKT:UUUU) announced Tuesday that it is pleased the US Department of Commerce has submitted the section 232 report to the White House into the effects of uranium imports on US national security.
President Trump now has 90 days from April 14 to act on the DOC's recommendations, said the company in a release, adding it has not seen DOC report, which is expected to remain confidential, but believes "the facts are clear," it said in a release. The Section 232 probe was prompted by a petition filed by Energy Fuels and Ur-Energy Inc.
"Uranium imports, increasingly from state-owned enterprises in adversarial countries like Russia and its allies, created a stark national security crisis. More than 60 percent of newly mined uranium around the world now comes from state-owned enterprises that unfriendly nations control," noted the company in a release. "The once robust American uranium mining industry is disappearing because a flood of state-subsidized imports has made fair competition impossible."
READ: Energy Fuels shares advance as it lauds vanadium production from Utah mill
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.
In the petition, the firms proposed that President Trump implement two remedies, with an aim to preserve U.S. national security and help the domestic uranium mining industry recover.
"This includes a quota that, in effect, reserves 25 percent of the domestic market for U.S.-mined uranium and a "Buy American" policy for U.S. government entities that use uranium," said the company in a statement adding, "We believe that President Trump will recognize the danger of imported uranium and act before it is too late."
Shares of Energy Fuels were up 2.1% at US$3.10 in New York and up 2% at C$4.15 in Toronto.
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