Energy Fuels to Sell $18.5 Million in Uranium to U.S. Reserve
16 December 2022 - 11:47PM
Dow Jones News
By Robb M. Stewart
Energy Fuels Inc. has secured a contract to sell $18.5 million
of natural uranium concentrates to the U.S. government for the
establishment of a strategic uranium reserve.
The uranium mining company said Friday it expects to complete
the sale for the reserve to the National Nuclear Security
Administration, an office within the Department of Energy, from its
inventory held at the Metropolis Works Conversion Facility in
Illinois. The sale doesn't involve the physical movement of
uranium, so a sale and transfer can be completed quickly, Energy
Fuels said.
The NNSA has been tasked with purchasing domestic uranium for a
reserve intended to be a backup source of supply for domestic
nuclear power plants in the event of a significant market
disruption.
"U.S. and European nuclear industries are actively working to
shift away from Russian uranium supply, but the process will be
difficult and lengthy. The U.S. can rely on supply from allies like
Canada, Australia and others for a large proportion of our uranium
and nuclear fuel supply, but we must also restore our own
capabilities," Energy Fuels President and Chief Executive Mark
Chalmers said.
Additionally, the company said it has applied for membership in
the DOE's newly created HALEU Consortium, a program managed
intended to help create a secure domestic supply of high-assay,
low-enriched uranium used by many of the next generation of
nuclear-reactor technologies.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
December 16, 2022 07:32 ET (12:32 GMT)
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