Australia

Peninsula Energy welcomes US Presidents request to allocate US$150 million for uranium purchases

Peninsula Energy Ltd (ASX:PEN) has shared its support for the FY2021 budget proposal made by US President Donald Trump to allocate US$150 million for the purchase of US mined uranium in order to establish a federal uranium reserve.

The uranium reserve would provide assurance of availability of uranium in the event of a market disruption and in support of strategic US nuclear fuel cycle capabilities.

In the budget proposal submitted to the US Congress, it is noted that the proposed purchases help address immediate challenges to US uranium production and reflects the priorities of the Nuclear Fuel Working Group (NFWG) established by President Trump in July 2019.

The NFWG continues to evaluate issues related to uranium supply chain and nuclear fuel supply.

During an interview following the release of the FY2021 budget proposal on February 10 2020, US Secretary of Energy Dan Brouillette told reporters that the Department of Energy is expected to release the full findings of the NFWG in about 2 weeks.

Energy @SecBrouillette says the $150 million requested is just the beginning.

"It won't stop there," he said, adding uranium conversion is another possible step.

He says the nuclear fuel working group's recommendations on #uranium will be made public in two weeks.

— Ari Natter (@AriNatter) Read More – Source