Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Energy Fuels improves debt position by paying off Wyoming bond

The uranium group has repaid and retired the entire outstanding principal of the debt
Energy Fuels improves debt position by paying off Wyoming bond
Energy Fuels is a United States-based uranium miner supplying to major nuclear utilities

Energy Fuels Inc (TSE:EFR) (NYSE:UUUU) continues to improve its balance sheet and has now paid off its Wyoming debt.

The uranium group has repaid and retired the entire outstanding principal of its Wyoming industrial development revenue bond amounting to US$8.3mln, it told investors.

WATCH: Energy Fuels boosts working capital posit ion in second quarter

"We believe reducing debt and avoiding future interest payments is particularly advantageous for the company and our shareholders...," said Mark S Chalmers, the group's president and chief executive.

He said this was as  a  number of "significant opportunities" were coming into view for Energy Fuels, including the ongoing US government probe into uranium imports, the generally improving global uranium market conditions, and the company's commencement of vanadium production in the fourth quarter  this year, which should "coincide nicely with today's elevated vanadium prices".

"Step by step, the company has substantially improved our balance sheet over the past several months, and the near-term planned significant vanadium production, if successful, will hopefully continue this trend," he added.

As of June 30 this year, the firm had around US$55.25mln of working capital, including cash and cash equivalents of US$43.2mln

It had previously announced it intended to use a portion of this working capital to repay debt, including the Wyoming debt.

Repayment of the loan will reduce the company's short- and long-term debt and avoid significant future interest.

View full EFR profile View Profile

Energy Fuels Inc. Timeline

Related Articles

De Grey Mining expects upgrade to 1.2 million ounce resource at Pilbara Gold Project
August 28 2018
The conglomerate gold asset holder is proving up structural gold mineralisation on more than 200 kilometres of shear zone strike length.
August 08 2018
The company has a joint venture with Nova-Bollinger owner Independence Group that could allow the bigger company to snap up its prospective nickel projects in South Africa.
February 20 2018
Galileo's Star zinc project in Zambia is showing plenty of promise

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use