Revitalizing U.S. Uranium Mining – UEC Supports Inclusion in Critical Minerals List

By Bobby Samwell • Monday, November 10 06:05 • Permanent Link

Uranium Energy Corp (UEC) has recently commended the U.S. government's decision to include uranium in the U.S. Geological Survey’s critical minerals list. This move is perceived as a significant step towards revitalizing U.S. uranium mining and rebuilding the nation's nuclear fuel supply chain.

Amir Adnani, President and CEO, expressed appreciation for the U.S. government's decision, highlighting the company's commitment to ramp-up and development activities at its three licensed hub-and-spoke production platforms in Texas and Wyoming. Moreover, UEC is advancing the United States Uranium Refining & Conversion Corp in an endeavor to restore and expand America’s domestic nuclear fuel conversion capabilities.

The Energy Act of 2020 empowers the Secretary of the Interior to designate a mineral as critical based on its strategic and critical significance to U.S. defense or national security. The U.S. Department of Energy recommended uranium’s inclusion, emphasizing its importance in energy production and defense applications, while the Department of Defense also underscored its national security significance.

Uranium Energy Corp, described as America’s largest and fastest-growing supplier of uranium, is 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, with operations restarting and ramp-up commencing at the Christensen Ranch project in Wyoming, contributing to the uranium loaded resin to the Irigaray plant (Wyoming Powder River Basin Hub).

Furthermore, UEC holds one of the largest physical uranium portfolios of U.S. warehoused U3O8, a major equity stake in Uranium Royalty Corp., and a Western Hemisphere pipeline of resource stage uranium projects. The company's UR&C initiative aims to position UEC as the only vertically integrated U.S. uranium company with mining and processing operations and planned refining and conversion capabilities.

Given the recent government designation and the company's strategic initiatives, UEC appears poised to play a significant role in the revitalization of U.S. uranium mining and the rebuilding of the nation's nuclear fuel supply chain. The market has reacted to these announcements by moving the company's shares -0.16% to a price of $12.20. For the full picture, make sure to review URANIUM ENERGY CORP's 8-K report.

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