Restrictions on Russian and Chinese imports may impact local economy

A prohibition of Russian uranium imports and tariffs on China by the United States government is expected to have a positive outcome for local employer Energy Fuels.
The nation’s largest producer of uranium, Energy Fuels operates the White Mesa Mill in San Juan County.
At a recent press copnference, the company offered praise to President Biden and the bipartisan supporters of the Prohibiting Russian Uranium Imports Act.
The law prevents the import of Russian uranium into the U.S., with the company adding that Russia has been a supplier of uranium in the U.S. for many years and provided nearly 25 percent of the uranium used by U.S. nuclear utilities in 2022.
“The U.S. should not rely on bad international actors to supply the fuel that powers our homes and workplaces with carbon-free nuclear energy,” said Mark Chalmers, President and CEO of Energy Fuels. 
Chalmers continued, “As the country’s leading producer of uranium, we are ready to safely and responsibly produce the uranium needed for nuclear energy—one of the best tools to reduce carbon emissions.”
Energy Fuels is the largest producer of uranium in the US and is ramping up production at its mines and at the White Mesa Mill, which is the only operating conventional uranium mill in the country.
Energy Fuels also operates the La Sal Complex and Pinyon Plain mines located in San Juan County and Arizona respectively.
Energy Fuels reports they are poised to be one of the country’s main sources of domestically produced uranium, as the company shares prices are promising along with growing interest in using nuclear power as clean energy.
In recent years Energy Fuels has also entered the Rare Earth Element market. Those minerals are used in many modern technologies including electric vehicles.
With the Biden administration announcing tariffs on Chinese products including batteries, electric vehicles and solar cells, the increased demand of domestic supply of Rare Earth Elements also bodes well for the company’s future. 

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