United States Congress Provides Funding to Establish the U.S. Uranium Reserve and a Legislative Backstop for Recently Extended Russian Uranium Import Limits
Corpus Christi, TX, December 22, 2020 - Uranium Energy Corp (NYSE American: UEC; “UEC” or the “Company” - https://www.commodity-tv.com/play/scott-melbye-uranium-market-fundamentals-are-very-bullish/) is pleased to report the U.S. Federal Government omnibus spending bill passed by Congress includes $75 million for initial funding of the 10-year U.S. Uranium Reserve. The language is contained in the Energy & Water appropriations provisions related to Department of Energy’s National Nuclear Security Administration programs. This is a very positive step forward for the domestic uranium mining industry with clear bipartisan and bicameral support. The Bill has now passed the full House and Senate, and a Presidential signature is expected soon.
UEC Chairman and former U.S. Energy Secretary, Spencer Abraham, commented: “This key development is a shot in the arm to the uranium mining sector, and we expect to see Washington build on this program and take other appropriate actions to strengthen our sector. It comes on the heels of the 20-year extension of the Russian Suspension Agreement amendment which strengthens the limitations on imports of Russian uranium. This legislation also contains language providing a Congressional backstop to this important trade agreement, protecting American Energy Security. These steps, and other recent bipartisan legislative successes, speak to the importance of nuclear energy, and its uranium fuel cycle, in the generation of baseload, carbon-free energy in the United States.”
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company. In South Texas, the Company’s hub-and-spoke operations are anchored by the fully-licensed Hobson Processing Facility which is central to the Palangana, Burke Hollow and Goliad ISR projects. In Wyoming, UEC controls the Reno Creek project, which is the largest permitted, pre-construction ISR uranium project in the U.S. Additionally, the Company controls a pipeline of uranium projects in Arizona, New Mexico and Paraguay, a uranium/vanadium project in Colorado and a large, high-grade ferro-titanium project in Paraguay. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
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