Ur Energy ( URG ) shares advanced on Wednesday after a US Senate committee recommended funding a uranium reserve to reduce dependence on imported uranium fuel products.
Ur Energy said the Senate Committee on Appropriations has released its twelve funding measures and the subcommittee allocations for 2021, including recommendation for the creation and funding of the American Uranium Reserve that will enable the government to make direct purchases from domestic uranium miners of 17 million to 19 million pounds of U3O8 over ten years.
"Creation of the American Uranium Reserve will begin to address our nation's nearly complete dependence on imported uranium fuel products, most of which originate from state-supported enterprises in Russia and Kazakhstan," the mining company, which operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming, said in a statement.
Shares rose 3.5% in afternoon trading.
Price: 0.47, Change: +0.02, Percent Change: +3.46