President Biden signed a bill on Monday that blocks Russian imports of enriched uranium, marking a significant step towards reviving U.S. nuclear fuel production and cutting off a flow of money to Russia’s state-owned nuclear agency. The bipartisan law, which passed its final Senate hurdle in April, is seen as a victory for Lakewood-based Energy Fuels, the largest producer of uranium in the U.S.
“We’ve been waiting for this for a long time,” said Curtis Moore, Energy Fuels’ senior vice president of corporate development, during a conference call with reporters. The new law unlocks $2.7 billion in federal funding for domestic uranium enrichment, a move requested by the White House and added to a government funding bill.
Energy Fuels expects its operations to benefit from the Russian import ban, with the company’s Whirlwind Mine near Gateway, Colorado, poised to ramp up production. The mine, fully permitted and on standby, could produce 50,000 tons of uranium ore annually, according to EPA records.
The ban on Russian uranium imports comes amid a growing interest in carbon-free electricity from nuclear power plants and geopolitical concerns over domestic supply chains. Russia currently supplies 20% of the enriched uranium used in U.S. nuclear plants. The Prohibiting Russian Uranium Imports Act will go into effect in 90 days, with waivers granted to utilities facing shutdowns due to the halt in Russian supplies.
Energy Fuels executives also anticipate benefits from Biden’s recent imposition of tariffs on Chinese imports, as some of the company’s mines produce rare earth elements used in electric vehicles, solar cells, and advanced batteries. The move underscores the administration’s efforts to strengthen domestic production and reduce reliance on foreign sources for crucial materials.
