The COVID-19 crisis has brought the importance of securing our domestic supply chains to the forefront. Our dependence on other countries to supply a wide variety of materials we need at home is no longer an option. Fortunately, there are companies working to strengthen America’s domestic supply chains.
In polling conducted for NMA from May 15-18, 2020, 64 percent of voters said the pandemic has increased their concerns about securing our domestic supply chains with U.S.-sourced materials. Despite being home to one of the world’s leading minerals reserves, cumbersome permitting processes contribute to the U.S. remaining 100 percent import-dependent for 17 key minerals resources and 50 percent or more import-dependent for an additional 29 mineral commodities. Import reliance subjects our supply chains to geopolitical instability and supply chain disruptions, a problem that has been driven home by the COVID-19 pandemic.
Energy Fuels is the leading U.S. producer of uranium, which is the fuel for carbon-free, emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years as nations around the world work to provide plentiful and affordable energy, while also combating global climate change and air pollution. As uranium prices increase, Energy Fuels has the resources and processing capacity to significantly increase uranium production in the U.S.
Energy Fuels is also the largest conventional producer of vanadium in the US. Vanadium is mainly used in the steel, aerospace, and chemical industries, and it is seeing considerable interest in next generation batteries that store energy generated from renewable sources.