The USA is stocking up on uranium

The reason for the uranium purchases is to strengthen the supply chains. According to the Department of Energy, the USA no longer wants to buy uranium from Russia. This was made possible by a law signed by US President Joe Biden in May. To date, around 24 percent of the fuel used by US reactors has come from Russia. After all, Russia is the world’s largest seller of enriched uranium. Now the US Department of Energy wants to award contracts that could cover a period of up to ten years. This involves new enrichment plants or projects that expand the capacity of existing enrichment plants.

According to Energy Secretary Jennifer Granholm, the aim is to strengthen national security and boost the growth of the domestic nuclear industry. Nuclear energy supplies around one in five households in the USA with electricity. Logically, this development has delighted Uranium Energy – https://www.commodity-tv.com/ondemand/companies/profil/uranium-energy-corp/ -, for example. The very well diversified company from North America is working on cost-effective and environmentally friendly ISR projects in the USA and is pushing ahead with further projects in Canada. Uranium Energy plans to restart uranium production in Wyoming this year.

The American uranium industry can therefore look forward to long-term growth. Almost the entire world is relying on uranium to tackle the twin problems of decarbonization and energy security. This increases the demand for uranium. For example, Uganda, a country with a population of almost 50 million, wants to develop its uranium exploration program and then mine uranium. At present, only around half of Uganda’s population has access to electricity. The aim is to achieve an electricity access rate of over 99 percent by 2030, which is an ambitious target. However, uranium deposits must first be discovered and developed.

In any case, uranium companies are positive about the future, including Premier American Uranium – https://www.commodity-tv.com/ondemand/companies/profil/premier-american-uranium-inc/ -. The company owns high-quality uranium projects in Wyoming and Colorado, two important uranium regions.

Current company information and press releases from Premier American Uranium (- https://www.resource-capital.ch/en/companies/premier-american-uranium-corp/ -) and Uranium Energy (- https://www.resource-capital.ch/en/companies/uranium-energy-corp/ -).

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