Energy Fuels Inc shares surge in New York as it issues response to paper

Energy Fuels Inc (TSE:EFR, NYSE:UUUU)  was among the top risers in New York Wednesday after it said a utility-sponsored paper about the market impact of proposed US uranium import quotas missed the mark.

Yesterday, Energy outlined a response to a recently released paper by the NorthBridge Group about the market impact on the US nuclear power industry.

Shares in Energy Fuels in New York added 9.52% to stand at US$2.53 each.

READ the full press release here...

“For decades, the U.S. has increased its dependence on uranium from state-sponsored enterprises subject to neither environmental nor worker safety standards,” it said in a release.

In January, Ur-Energy Inc (TSE:URE) and Energy Fuels Inc campaigned against a flood of imports of uranium products into the USA and jointly signed a petition to the US Department of Commerce (DOC) for Relief Under Section 232 of the Trade Expansion Act from imports of uranium products that threaten national security.

Today, Energy Fuels and Ur-Energy urged interested parties to “carefully analyze the economic impacts of the proposed remedies,” adding that it believed the “the remedies are sound and will result in minimal impacts to the U.S. nuclear utility industry and consumers of electricity, while also bolstering U.S. national security”.

The company said the paper ignored evidence that Energy Fuels and Ur-Energy included in their petition demonstrating that the industry has sufficient licensed capacity and resources to meet U.S. production requirements if the quotas recommended in the petition are imposed.

“The U.S. uranium industry has produced at well over those levels in the past, and the proposed remedies would allow the industry to get back to those production levels at minimal cost to the nuclear utility industry,” it said.

The company said the paper also fails to address the threat to U.S. national security caused by dependence on Russia and its allies for a significant portion of its uranium supply.

Story by ProactiveInvestors