House Approves Bill That Boosts US Enriched Uranium Industry

The US government is poised to provide a massive $2.7 billion boost to the domestic uranium enrichment sector as part of efforts to reduce reliance on Russian nuclear fuel imports. The funding, requested by the White House, is included in a broad government funding bill unveiled Sunday.

With the House already approving the 2024 appropriations package containing this funding Wednesday, the bill now heads to the Senate for expected final passage by Friday.

The sizable investment aims to revitalize America’s largely dormant uranium enrichment capabilities by guaranteeing a market for domestically produced nuclear reactor fuel. President Joe Biden’s administration plans to directly purchase enriched uranium from US producers under this initiative.

The move comes amid growing momentum to ban imports of enriched uranium from Russia, which was the top foreign supplier to the US in 2022. Both the House and Senate are considering legislation to prohibit such imports from Russia.

The $2.7 billion allocation would be repurposed from a credit program originally intended for domestic nuclear reactors under the 2022 bipartisan infrastructure law. Funds are earmarked to support the enrichment of uranium for the nation’s fleet of over 90 nuclear power plants, as well as highly enriched uranium for next-generation advanced reactors currently only produced in Russia.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

SSR Mining Q1 Earnings: Costs Continue To Climb

Recommended

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

PTX Metals Hits 235.1 Metres Of Copper, Nickel Mineralization In Longest Intercept To Date At W2

Related News

Uranium Royalty Corp Purchases 400,000 Pounds Of Physical Uranium

By all accounts, it appears that there is a silent agreement among uranium names focused...

Tuesday, October 19, 2021, 08:13:41 AM

Sprott Physical Uranium Trust Looks To Buy More Uranium With $1.3 Billion ATM Offering

The Sprott Physical Uranium Trust (TSX: U.UN) is looking to add further physical uranium to...

Thursday, February 16, 2023, 08:07:53 AM

Russia Curbs Uranium Exports to US, Prices Jump

Global uranium markets reacted swiftly on Friday as Russia imposed new controls on shipments to...

Monday, November 18, 2024, 11:18:00 AM

Kazatomprom’s Uranium Shortfall Sparks Speculation of Russian Takeover on Supply

Kazatomprom, Kazakhstan’s national atomic company and the world’s largest producer of uranium, is facing significant...

Sunday, August 25, 2024, 09:35:00 AM

The Trillion Dollar Coin Is Money Printing In Another Name – The Daily Dive

Today on the Daily Dive, Lobo Tiggre from the Independent Speculator joins us to talk...

Monday, October 4, 2021, 01:30:00 PM