The DOE established the HALEU Consortium to help inform activities carried out by the Department to secure a domestic supply of HALEU. In addition to the sale of uranium, enCore has made application to participate in the Department of Energy (DOE) High Assay Low Enriched Uranium (HALEU) Consortium. NNSA initiated a competitive procurement process for establishing the Uranium Reserve program and additional support is expected over a 10-year period as market conditions evolve, including consideration of enrichment needs after first addressing the very near-term pressure on the uranium mining and conversion subsectors. uranium mines, reestablish active conversion capabilities, and ensure a backup supply of uranium for nuclear power operators in the event of a market disruption. The new stockpile is expected to support the operation of at least two U.S. Under the Uranium Reserve program, NNSA will buy uranium directly from domestic mines and contract for uranium conversion services. The first immediate step in this plan has been initiated through the first purchases under the Uranium Reserve Program managed by the NNSA and was funded by Congress in fiscal year 2021. It is a direct result of the Nuclear Fuel Working Group addressing the challenges facing our U.S. Department of Energy (DOE) to preserve and grow the entire United States nuclear enterprise. The strategy for Restoring America's Competitive Nuclear Energy Advantage was recently released by the U.S. The United States Uranium Reserve Program 1 The Company gratefully acknowledges the bi-partisan efforts to reverse this reliance on foreign sourced nuclear fuel and develop a strong domestic nuclear industry." Over the past 40 years, the United States has become the world's largest consumer of uranium, used to produce nuclear energy, although highly dependent upon foreign sources of fuel. Sheriff, Executive Chairman of enCore Energy added "enCore respectfully acknowledges the government's vision to secure a domestic source of energy through strengthening and supporting the nuclear fuel cycle including uranium production which, when produced from in-situ recovery technology, provides our nation with clean and efficient energy. 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." 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. Paul Goranson, CEO of enCore Energy stated "enCore is one of a select few uranium companies qualified and approved to provide uranium to the Uranium Reserve. enCore's prominent private land holdings offer a competitive advantage as a supplier of natural uranium for the program which specifically excludes uranium produced from Federal Lands. The Uranium Reserve is intended to be a backup source of supply for domestic nuclear power plants in the event of a significant market disruption and provide support for restarting uranium production in the United States.Īdditionally, enCore announced its application for membership in the DOE's newly created HALEU (High Assay Low Enrichment) Consortium. Department of Energy (DOE), is the agency tasked with purchasing domestic U 3O 8 and conversion services for the Uranium Reserve. National Nuclear Security Administration (NNSA), an office within the U.S. The uranium purchase will help the government establish a strategic uranium reserve and represents the first uranium purchase by the United States government in 40 years. enCore is one of five qualified United States based operators, with existing licensed facilities, approved to sell domestically sourced natural uranium to the United States government's Uranium Reserve Program. (" enCore" or the " Company") (TSXV: EU) (OTCQB: ENCUF) today announced that the company has been awarded a contract to sell 100,000 pounds of natural uranium concentrates (U 3O 8) to the Government of the United States, at a price of $70.50/pound, under the new Uranium Reserve Program. 20, 2022 /PRNewswire/ - enCore Energy Corp.
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