Updates may follow as this story evolves.
A fresh inquiry has been initiated by Congressional Democrats as of August 10, focusing on Energy Fuels Resources, a uranium mining organization, over possible insider trading concerns.
The probe targets potential activities where two leading figures of the firm might have accessed confidential details regarding President Donald Trump’s decision to drastically reduce the size of the Bears Ears National Monument in Utah. This information may have influenced their decision to purchase company stocks ahead of public disclosure. Energy Fuels refutes these allegations.
In a letter addressed to Energy Fuels, Reps. Jared Huffman and Maxine Dexter highlight that CEO Ross Bhappu’s stock acquisition marked the largest in company history, with Board Chairman Bruce Hansen following suit a day later.
The transactions allegedly took place mere days before Trump’s Oval Office meeting with Utah’s congressional leaders, where he declared a 90% reduction of Bears Ears.
Furthermore, Grand Staircase-Escalante National Monument faced a similar reduction, also by about 90%.
The Bears Ears region is known for its uranium reserves; however, its national monument status restricts new mining claims. Energy Fuels operates the Pinyon Plain uranium mine near the Grand Canyon and the White Mesa Mill near the Ute Mountain Ute Reservation, the sole conventional uranium mill in the nation.
In response to inquiries from KNAU, Energy Fuels expressed, “unawareness of any evidence supporting claims of wrongdoing” and “strongly rejects any suggestion that the Company or its executives engaged in any improper conduct.”
The company further clarified, “The White Mesa Mill has never been located in the Bears Ears National Monument, Energy Fuels holds no properties, mining claims or economic interests in the monument, and we have not actively advocated for any changes to the monument with the current Administration.”
Despite these claims, Huffman and Dexter assert in their correspondence that Energy Fuels could benefit from the alterations due to its involvement in uranium production.
They referenced a 2017 Washington Post article, which mentioned a letter from then-COO Mark Chalmers to the Interior Department, stating, “There are … many other known uranium and vanadium deposits located within the [Bears Ears’ boundaries] that could provide valuable energy and mineral resources in the future.”
The congressional letter also noted Energy Fuels’ July announcement about expanding the White Mesa Mill, utilizing part of a $725 million loan from the Department of Defense.
“Beyond your DOD loan, your company appears to have close connections with the Trump administration and has specifically identified strong government support as a selling point for your investors in expansion plans,” the letter highlighted. “This demonstrates close coordination and communication with the Trump administration, which may have enabled you to receive privileged information about when the Bears Ears announcement would occur.”
Lawmakers noted that while Bhappu and Hansen have yet to see significant gains from their stock purchases, they have requested communications between the company and the Department of the Interior around the time of the Bears Ears announcement, along with the executives’ schedules.
Bhappu acquired 74,000 shares on July 7, Hansen added 4,000 on July 8, and Trump revealed the Bears Ears reduction on July 13.
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