In a news release, Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) announced it agrees with President Trump's fiscal 2021 budget proposal for $150 million annually for 10 years to develop a domestic uranium reserve.
"The budget proposal from President Trump confirms the administration's commitment to reviving the U.S. nuclear fuel cycle, of which uranium mining is a critical component," Azarga President and CEO Blake Steele said in the release.
Steele recapped the milestones Azarga has thus far reached on its flagship Dewey Burdock in South Dakota, all of which have helped derisk and advance the uranium project.
For one, the Colorado-based company completed and filed a preliminary economic assessment of the project, which outlined direct cash costs of $10.46 per pound of production and initial capital expenditures of $31.7 million. Also, Azarga received a positive decision on the Nuclear Regulatory Commission license, and it advanced the requisite permits from the Environmental Protection Agency.
"Our flagship asset, the advanced stage Dewey Burdock In-Situ Recovery Uranium Project in South Dakota, USA (the Dewey Burdock Project), is one of the preeminent undeveloped uranium projects in the United States. . .The company anticipates being well positioned to realize the benefits of the administration's support of the U.S. nuclear industry," Steele added.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Azarga Uranium. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azarga Uranium, a company mentioned in this article.