In 2019 the US Nuclear Fuel Working Group (NFWG) was established to promote US domestic uranium mining, milling and conversion industries.
In April 2020, because of the NFWG efforts the US Department of Energy released a strategy report, with strong bipartisan support, with recommendations to help revive the capabilities of the US domestic uranium mining, milling and conversion industries.
Amongst the key recommendations was the extension of the Russian Suspension Agreement (RSA) beyond the end of CY2020. The US Department of Commerce announced the completion and signing of an agreement extending and amending the terms of the RSA on 5 October 2020. The amended agreement limits the level of Russian participation in the US nuclear fuel markets through to the year 2040 and is a welcome accomplishment for the US uranium production industry as a whole.
A second significant recommendation of the NFWG was the establishment of a US Uranium Reserve. The US Department of Energy included a request for US$150 million per year for 10 years in its FY2021 budget submission. While the budget approval process is subject to political manoeuvring, the support for the production of critical minerals such as uranium and for the establishment of the US Uranium Reserve is notably bi-partisan and the proposal is progressing along with the budget at this time.