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CEOs for two leading uranium corporations are asking President Trump for a bailout, warning, "our industry is on the cusp of complete collapse, now." While low uranium prices have hobbled the industry for years, Energy Fuels Resources and Ur-Energy asked the president to invoke the Defense Production Act to build a national uranium stockpile, citing the coronavirus pandemic.
The two companies have deep ties to the Trump administration. Interior Secretary David Bernhardt provided legal services to Ur-Energy, and Environmental Protection Agency Administrator Andrew Wheeler lobbied for Energy Fuels Resources, pressuring the Trump administration to vastly shrink Bears Ears National Monument on behalf of the company.
While the two companies blame the coronavirus pandemic for suspending mine operations, the struggling uranium industry has spent years asking for assistance. In January 2018, the two companies asked the Trump administration to enact quotas for the use of domestic uranium in the utility industry. Though President Trump denied the request, he established a task force to offer recommendations on ways to boost domestic production. In January 2020, Energy Fuels Resources laid off one-third of its workforce, citing low uranium prices.
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I want the virus now.”
