Uranium Energy Corp (NYSE American: UEC) has welcomed the U.S. government's decision to include uranium in the U.S. Geological Survey's critical minerals list. This move is seen as a significant step towards revitalizing U.S. uranium mining and rebuilding the country's nuclear fuel supply chain.
The Energy Act of 2020 allows the Secretary of the Interior to designate a mineral as critical when another federal agency, such as the Department of Energy, determines it is strategic and critical to U.S. defense or national security. The Department of Energy recommended uranium’s inclusion, citing its importance in energy production and defense applications, while the Department of Defense also emphasized its national security significance.
Uranium Energy Corp is currently advancing low-cost, environmentally friendly ISR mining uranium projects in the United States and high-grade conventional projects in Canada. The company has three ISR hub-and-spoke platforms in South Texas and Wyoming, anchored by licensed central processing plants that will be served by a pipeline of satellite ISR projects. In August 2024, operations were restarted and ramp-up commenced at the Christensen Ranch project in Wyoming, sending uranium loaded resin to the Irigaray plant (Wyoming Powder River Basin Hub).
The company's operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development, and mining. Following these announcements, the company's shares moved -0.16%, and are now trading at a price of $12.20. If you want to know more, read the company's complete 8-K report here.
