- enCore Energy (EU) has been contracted to sell 100,000 pounds of uranium oxide to the U.S. government
- The sale, part of the U.S. Uranium Reserve Program, will be executed at US$70.50/pound through the U.S. National Nuclear Security Administration
- The purchase will go toward building a strategic uranium reserve and represents the first uranium purchase by the U.S. government in 40 years
- The proceeds will expedite enCore’s Texas-based uranium production efforts
- enCore Energy is the most diversified in-situ recovery uranium development company in the U.S.
- enCore Energy (EU) opened unchanged, trading at $3.10 per share
enCore Energy (EU) has been contracted to sell 100,000 pounds of uranium oxide to the U.S. government.
The sale, part of the U.S. Uranium Reserve Program, will be executed at US$70.50/pound through the U.S. National Nuclear Security Administration (NNSA).
enCore is one of five qualified U.S. operators approved to sell under the program.
The purchase will go toward building a strategic uranium reserve and represents the first uranium purchase by the U.S. government in 40 years.
The Uranium Reserve Program is part of the Department of Energy’s strategy for Restoring America’s Competitive Nuclear Energy Advantage.
The NNSA is expected to provide ongoing support for U.S. uranium enrichment, mining and conversion over the next decade.
enCore has also applied for membership in the Department of Energy’s newly created High Assay Low Enrichment Consortium, which focuses on supplying natural uranium for the U.S.’ 93 operating light water nuclear reactors.
“As we have seen in 2022, global supply chains for nuclear fuel have been severely disrupted by geopolitical events, and the need for a domestic and secure supply chain for nuclear fuel is a stark reality,” stated Paul Goranson, enCore’s CEO. “The proceeds from this contract will do exactly as intended and be invested directly into advancing new production from our South Texas Rosita Project in 2023.”
“Over the past 40 years, the U.S. has become the world’s largest consumer of uranium, used to produce nuclear energy, although highly dependent upon foreign sources of fuel. The company gratefully acknowledges the bi-partisan efforts to reverse this reliance on foreign-sourced nuclear fuel,” added William M. Sheriff, enCore’s Executive Chairman.
enCore Energy is the most diversified in-situ recovery uranium development company in the U.S. It holds properties in South Dakota, Wyoming and New Mexico, and Texas, where it intends to initiate production in 2023.
enCore Energy (EU) opened unchanged, trading at $3.10 per share.
