Energy Fuels Inc (TSE:EFR) (NYSE:UUUU) continues to improve its balance sheet and has now paid off its Wyoming debt.
The uranium group has repaid and retired the entire outstanding principal of its Wyoming industrial development revenue bond amounting to US$8.3mln, it told investors.
"We believe reducing debt and avoiding future interest payments is particularly advantageous for the company and our shareholders...," said Mark S Chalmers, the group's president and chief executive.
He said this was as a number of "significant opportunities" were coming into view for Energy Fuels, including the ongoing US government probe into uranium imports, the generally improving global uranium market conditions, and the company's commencement of vanadium production in the fourth quarter this year, which should "coincide nicely with today's elevated vanadium prices".
"Step by step, the company has substantially improved our balance sheet over the past several months, and the near-term planned significant vanadium production, if successful, will hopefully continue this trend," he added.
As of June 30 this year, the firm had around US$55.25mln of working capital, including cash and cash equivalents of US$43.2mln
It had previously announced it intended to use a portion of this working capital to repay debt, including the Wyoming debt.
Repayment of the loan will reduce the company's short- and long-term debt and avoid significant future interest.