BLANDING, Utah, Sept. 16, 2021 /CNW/ - At its recent open house
showcasing its uranium and rare earth businesses for local and
national dignitaries and industry leaders, Energy Fuels Inc.
("Energy Fuels" or the "Company") announced
the establishment of the San Juan County Clean Energy
Foundation, a fund specifically designed to contribute to the
communities surrounding Energy Fuels' White Mesa Mill in
Southeastern, Utah.
This
week, Energy Fuels deposited $1
million into the Foundation and anticipates providing
ongoing annual funding equal to 1% of the Mill's future revenues,
providing funding to support the local economy and local
priorities. The Foundation will focus on supporting education, the
environment, health/wellness, and economic advancement in the
City of Blanding, San Juan County, the White Mesa Ute Community,
the Navajo Nation and other area communities.
"The
communities that surround our facility deserve to share in the
benefits of the Mill's clean energy future," said Mark Chalmers, CEO of Energy Fuels. "Uranium,
which is the fuel for carbon-free, emission-free baseload nuclear
power, is one of the cleanest forms of energy in the world. The
rare earth's we are now producing are used for the manufacture of
permanent magnets for electric vehicles, wind turbines and other
clean energy and modern technologies, and the thorium and other
radioisotopes we are evaluating for recovery from our rare earth
and uranium processing streams have the potential to provide the
isotopes needed for emerging targeted alpha therapy cancer-fighting
therapeutics. The very heart of our business – uranium and
rare-earth production and recycling – helps us play a big part in
addressing global climate change, reducing air pollution, and
making the world a cleaner and healthier place. We see
San Juan County as becoming a
critical minerals hub for the U.S., and we believe the Foundation
is truly the best way to make an impact and difference in the lives
of those who work alongside us as we pursue these goals."
Company
executives met with local community members to better understand
and identify how the Foundation will strategically support the
local communities and how to best structure the
Foundation.
"Energy
Fuels has long been a major contributor to not only the employment
base of the community but also for the well-being and prosperity of
this region," said Blanding's
Mayor Joe B. Lyman. "Over the last
year, the Company has met with local community members to
understand and identify needs in the area. The formation of
the Foundation is a culmination of these efforts and the beginning
of a long-term commitment to improve the quality of life for
everyone in the San Juan County
area to help us reach our full potential." To ensure that the
Foundation's contributions are well-planned and correspond to the
specific needs and aspirations of the communities, the Foundation
will have a community-based Advisory Board to help it
determine the best allocation for the funds.
"The
processing of rare earths at the White Mesa Mill, in addition to
processing and recycling uranium, is one of the best opportunities
I have seen in my entire 40+ year career, as electric vehicles,
renewable energy systems, and other clean energy and advanced
technologies drive demand," continued Mr. Chalmers. "And, the
potential to also extract isotopes that can be used to fight cancer
is a very important added opportunity. Investing back into the
San Juan County community will
give us the opportunity to help support and catalyze sustainable
economic and community development, beyond good jobs and more tax
revenues."
With a
population of a little more than 3,000 people, Blanding is the most populous city in
San Juan County. Economic
contributors include mineral processing, mining, agriculture, local
commerce, tourism, and transportation. The community is also a
gateway to nearby natural, cultural and archaeological resources.
Energy Fuels' rare earth initiative will only involve mineral
processing, and it is not expected to involve any new mining in the
region.
Energy
Fuels is a leading U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy Fuels
also produces vanadium from certain projects, as market
conditions warrant, as well as rare earth
carbonate. With corporate offices in Lakewood,
Colorado, near Denver,
and all of its assets and employees in the United
States, Energy Fuels holds three of America's key uranium
production centers: the White Mesa Mill in Utah, the Nichols Ranch
in-situ recovery (ISR) Project in Wyoming, and the Alta Mesa
ISR Project in Texas. Energy Fuels is
a publicly traded company on the NYSE under the
trading symbol "UUUU," and its common shares are also listed on the
Toronto Stock Exchange under the trading symbol "EFR." Energy
Fuels' website is www.energyfuels.com
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CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING
STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
information may relate to future events or future performance of
Energy Fuels. All statements in this release, other than statements
of historical facts, with respect to Energy Fuels' objectives and
goals, as well as statements with respect to its beliefs, plans,
objectives, expectations, anticipations, estimates, and intentions,
are forward-looking information. Specific forward-looking
statements in this discussion include, but are not limited to, the
following: any expectation as to future production of
uranium at the Mill; any expectation as to future production
of rare earth products at the Mill; any expectation as to future
production of thorium and other radioisotopes for use in emerging
targeted alpha therapies; any expectation as to future
revenues at the Mill; any expectation that San Juan County will become a critical
minerals hub for the U.S.; any expectation as to any ongoing
annual funding for the Foundation or the longevity of the
Foundation; any expectation that the Foundation will
provide the potential to contribute millions to local
communities; any expectation as to the manner in which the
Foundation will distribute or invest its funds; and any expectation
that the Foundation's money will help support and catalyze
sustainable economic and community development, beyond good jobs
and more tax revenues. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "continues", "forecasts", "projects", "predicts",
"intends", "anticipates" or "believes", or variations of, or the
negatives of, such words and phrases, or state that certain
actions, events or results "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. This information
involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information.
Factors that could cause actual results to differ materially
from those anticipated in these forward-looking statements include
risks associated with: commodity prices; processing difficulties
and upsets; available supplies of monazite sands; the capital and
operating costs associated with the recovery of uranium, rare earth
products, thorium and other radioisotopes at the Mill; licensing,
permitting and regulatory delays; litigation risks; competition
from others; market factors, including future demand for and prices
realized from the sale of uranium, rare earth products, and thorium
or other radioisotopes produced at the Mill; and any changes that
may be made to the structure, funding or term of the Foundation if
the Company determines at any time that the Foundation is not
achieving its objectives or to better meet its objectives.
Forward-looking statements contained herein are made as of the date
of this news release, and Energy Fuels disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements. Energy Fuels assumes no obligation to update the
information in this communication, except as otherwise required by
law.
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SOURCE Energy Fuels Inc.