Directors of uranium miner Energy Fuels (TSE:EFR, NYSE:UUUU) have increased their shareholdings in the company, a stock market statement has revealed.
The transactions include the purchase of 1mln shares at the prevailing market price by Ames Brown
Brown’s stake in the company as a result increases to 1.74mln, which amounts to 3.8% of the company’s shares.
Other members of the management team such as Stephen Antony, president and chief executive, as well as executive vice president Paul Goranson.
"The company appreciates Mr Brown's strong vote of confidence in Energy Fuels' uranium production assets, finances and management,” Antony said.
“There are a number of key developments in the uranium sector occurring right now that provide us with substantial optimism as we head into 2016.”
Antony highlights that China’s aggressive investment in nuclear energy continues, Japan is continuing to restart its large reactor fleet, and as the US is in the process of starting its first new reactor in twenty years its already consumes more uranium than any other nation.
He added: “While worldwide uranium demand is growing, the low uranium prices of the past few years have slowed new investment in exploration and mine development.
“We believe these and similar factors are likely to create substantial future supply constraints resulting in rising uranium prices.
“Energy Fuels is continually improving our ISR and conventional production, development and permitting activities to take advantage of today's low uranium prices, while we position the Company for a uranium market recovery."