Energy Fuels Closes Sale of Pinon Ridge and Related Assets

 Energy Fuels Inc. (NYSEMKT:UUUU) has closed its previously announced sale of its Piñon Ridge radioactive materials license and related assets. The company sold the assets as part of its continuing cost reduction and asset rationalization efforts.

As quoted in the publication:

Since the Company owns and operates the 2,000 ton per day White Mesa Mill, the Company no longer needs to construct the 500 ton per day Piñon Ridge Project in order to meet its current or planned production. Energy Fuels’ White Mesa Mill, which is expected to produce 825,000 pounds of U3O8 during 2014, continues to be the only operating conventional uranium mill in the U.S. today.

Energy Fuels president and CEO, Stephen P. Antony, said:

We are pleased to close this transaction as part of our continued asset rationalization and cost reduction efforts. By monetizing this non-core uranium asset, Energy Fuels is able to improve our balance sheet and realize cost reductions. Energy Fuels continues to believe in the long-term fundamentals of the uranium and nuclear markets, and this transaction will not impact our future production potential or scalability. Mr. Glasier is extremely knowledgeable of the Piñon Ridge Project, and as a resident of Western Colorado, he is in an excellent position to see it through. Energy Fuels offers our sincere thanks to the people of Western Colorado, and particularly the residents of the West End of Montrose County, who have overwhelmingly supported this project over the past several years.

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