United States Congress Provides Funding to Establish the U.S. Uranium Reserve and a Legislative Backstop for Recently Extended Russian Uranium Import Limits
Uranium Energy Corp (NYSE American: UEC) announced that the U.S. Federal Government's omnibus spending bill includes $75 million for the initial funding of a 10-year U.S. Uranium Reserve. This funding, included in the Energy & Water appropriations, marks a significant step for the domestic uranium industry with bipartisan support. The passage of the bill through both the House and Senate, along with a pending Presidential signature, is seen as a positive development. UEC's Chairman highlighted the importance of this initiative for American energy security.
- $75 million allocated for the U.S. Uranium Reserve.
- Bipartisan support for the funding bill.
- Legislative backstop for the Russian Suspension Agreement.
- Strengthens U.S. energy security through domestic uranium production.
- None.
CORPUS CHRISTI, Texas, Dec. 22, 2020 /PRNewswire/ - Uranium Energy Corp (NYSE American: UEC) ("UEC" or the "Company") is pleased to report the U.S. Federal Government omnibus spending bill passed by Congress includes
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.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
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Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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FAQ
What funding did the U.S. Congress provide for Uranium Energy Corp (UEC)?
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What is the significance of the bipartisan support for the uranium reserve funding?
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