Ur-Energy to cut jobs in cost-saving measure

|About: Ur-Energy Inc. (URG)|By:, SA News Editor

Citing Pres. Trump's decision last month to not set quotas for domestic production, Ur-Energy (NYSEMKT:URG) says it is cutting jobs, primarily at its Lost Creek uranium facility in Wyoming.

Petitions from URG and Energy Fuels Inc. (NYSEMKT:UUUU) had sought quotas requiring 25% of the U.S. uranium market be sourced domestically.

URG says it expects to save $4M/year by cutting 10 jobs in Wyoming, lowering production rates and foregoing any spending on development activities.

URG previously had cut its full-year production outlook for Lost Creek to 50K-75K lbs. from its previous range of 75k-100K lbs.

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