NYSE American-listed Uranium Energy (UEC) has offered to supply the US Department of Energy’s National Nuclear Security Administration (NNSA) in response to the US-government uranium tender to launch the national uranium reserve.
The NNSA initial purchase goal for one-million pounds marks an important milestone for the beginning of this programme, which is designed as a ten-year, $10-billion plan. To date, $75-million has been authorised for the purchase of uranium and conversion services.
“The NNSA purchases will help jump-start our industry and reduce the country’s reliance on uranium from jurisdictions that expose America to precarious supply risks. Today, those risks include uranium from Russia, its allies and increasingly China,” said UEC president and CEO Amir Adnani.
He stated that domestic supply was critical for US energy and national security.
“This was in fact one of the primary drivers behind UEC’s acquisition of Russia’s Uranium One Americas, repatriating this important asset back to US ownership and control,” said Adnani.
UEC chairperson and former US Energy Secretary Spencer Abraham commented: “We applaud Senator Barrasso’s Bill that was discussed in the US Senate Committee on Energy and Natural Resources hearing last week. His legislation would prohibit the importation of uranium from the Russian Federation. While the US has banned the imports of other Russian energy sources it has not included nuclear fuel. To ban some energy imports and not others sends a mixed message, especially considering that import revenues from Russian uranium sales are helping fund Russia’s war in Ukraine.”
Abraham continued: “While Russia’s invasion of Ukraine has garnered outrage from the international community, many nations find themselves handcuffed in terms of their ability to respond, due to their reliance on Russian energy imports. It would be naive to think that what Russia has done to the Western European community on gas supplies would not apply to its exportation of nuclear fuel and uranium. Banning Russian uranium imports and supporting our domestic nuclear fuel supply capabilities are solid steps towards bolstering our energy independence and protecting our national security.”