Energy Fuels, a uranium mining company, is facing scrutiny from House Democrats due to potential insider trading issues. Despite a request for documents by August 24, the company has not provided the requested communications with the Trump administration, a spokesperson for one representative confirmed.
On August 10, U.S. Representatives Jared Huffman (D-Calif.) and Maxine Dexter (D-Ore.) sent a letter to Ross Bhappu, president and CEO of Energy Fuels, Inc., requesting detailed communications with the U.S. Department of the Interior and the U.S. Department of Agriculture. The inquiry centers on whether Bhappu and Board Chair Bruce Hansen had access to nonpublic information regarding the reduction of Bears Ears National Monument before the decision was announced.
Energy Fuels’ proximity to Bears Ears is significant because the monument’s downsizing exposed uranium resources previously inaccessible. The White Mesa Mill, operated by Energy Fuels, is the only conventional uranium processing facility in the U.S., located near the monument’s prior boundaries.
Public records indicate Bhappu acquired 74,000 shares on July 7, and Hansen purchased 4,000 shares on July 8, days before the monument’s reduction was made public on July 13. This timeline is central to the Democrats’ investigation.
Energy Fuels declined to give an interview, instead referring to an earlier email statement denying any improper actions by Bhappu or Hansen. Kim Casey, the company’s director of investor relations, stated, “The Company does not have anything further to add to the statement at this time.”
In response to the investigation, the company sent a letter, which did not address the insider trading allegations, according to Huffman’s spokesperson. Without committee backing, individual lawmakers like Huffman and Dexter lack subpoena power, complicating their ability to compel cooperation from Energy Fuels.
During an August 11 interview, Huffman expressed hope that the midterm elections could shift the balance of power, enabling Democrats to lead major committees and potentially issue subpoenas. “A few months from now, it may be a very different story,” Huffman remarked.
Other Democratic lawmakers have signaled intentions to initiate oversight inquiries into the administration’s mineral expenditures if they regain control of the House in the upcoming elections.
In June, the U.S. Department of Defense entered a $725 million conditional loan agreement with Energy Fuels to enhance rare earth mineral production. The company plans to use part of the loan to increase the White Mesa Mill’s processing capacity, which includes uranium.
The Trump administration has prioritized investments in domestic mineral production to decrease reliance on China and ensure the security of defense supply chains. Energy Fuels highlighted this in their August 11 statement, emphasizing the White Mesa Mill’s regulatory compliance and its role in fortifying U.S. mineral supply chains.
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