Uranium Resources to gain from pact

Dallas,Tex.-based Uranium Resources (TSE) is in a strong position to benefit from the recently signed uranium trade agreement between the U.S Department of Commerce and the Russian government.

“We believe we are one of the best-positioned uranium mining companies eligible to participate in these deals,” said President Raymond Larson. The agreement was designed to boost production in the struggling U.S. uranium mining industry by creating opportunities for matched sales of U.S. and Russian uranium (T.N.M., March 2/94). The deal allows Russia to sell limited quantities of uranium in the U.S., provided that each pound of imported product is matched with a pound of newly produced U.S. uranium. The matched U.S. and Russian uranium will be sold at a single blended price. The company hopes the deal will allow it to restart uranium production at its two South Texas mining locations, which are currently on standby. Uranium Resources owns substantial in situ reserves in Texas and New Mexico.