Westwater Resources (NASDAQ:WWR) news for Tuesday has the stock continuing to climb following an executive order from President Trump.
The executive order from the President was signed at the end of September. The goal of the order is to beef up the U.S.’s own mining of critical minerals and to reduce reliance on foreign nations for these supplies.
This news matters to Westwater Resources because it’s a U.S. mining company. It currently has plans to develop the Coosa Graphite Deposit in Alabama. The goal of this mine is to provide graphite for use in batteries in the U.S.
A Westwater Resources news release notes that the current setup has the U.S. getting 100% of its graphite from other countries. That’s worth noting as graphite is used in all types of batteries, such as those in laptops, smartphones, and electric vehicles.
The following is a portion of the executive order signed by President Trump on Sept. 30.
“I therefore determine that our nation’s undue reliance on critical minerals, in processed or unprocessed form, from foreign adversaries constitutes an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security, foreign policy, and economy of the United States. I hereby declare a national emergency to deal with that threat.”
Westwater Resources saw WWR stock start to rise following the executive order news. It’s continued to rise and is currently up 24.9% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.