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The United States is a lightweight in uranium, but it wasn’t always this way. From the 1950s through the 1980s, it was the world’s leading producer of the silvery-grey metal and was largely self-sufficient. U.S. President Donald Trump now aims to return to this past, part of a broader effort to achieve what he calls “American energy dominance.” He has signed several orders aimed at fostering domestic uranium production and disadvantaging foreign producers.
Tim Gitzel, chief executive officer of Canadian uranium giant Cameco Corp., dismissed the fallout from Mr. Trump‘s recent actions as mere “distractions” during a conference call earlier this month with investors. The logic underpinning such nonchalance has implications for investors, miners and the Trump administration alike.
What‘s the current situation in the U.S.?
The U.S. uranium industry is on life support after a long illness. According to the U.S. Department of Energy, there were 18 mines and four mills in 2009; by 2018, the country was down to just five mines and one mill. The entire industry recently employed just 340 people.
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