Democrats Probe Energy Fuels after Executives Bought Stock Ahead of Monument Cut

House Democrats have launched an inquiry into Energy Fuels after its CEO and board chair purchased large blocks of stock just days before President Trump reduced the Bears Ears National Monument.

Congressional Democrats on the House Natural Resources Committee announced a formal probe of Energy Fuels after its top executives bought record amounts of company stock shortly before President Donald Trump trimmed the Bears Ears National Monument in southeastern Utah. CEO Ross Bhappu acquired 74,000 shares on July 7, boosting his ownership to 41 percent, while board chair Bruce Hansen purchased 4,000 shares the following day.

Within a week, Trump eliminated 1.24 million acres from the monument, a move the Bears Ears Commission of five Tribal Nations called a severe setback to Indigenous stewardship. Lawmakers Jared Huffman and Maxine Dexter contend the boundary shift could advantage Energy Fuels and have demanded disclosure of the firm’s lobbying contracts and communications with federal agencies. Energy Fuels responded that it has no mining claims or economic interests in the monument, has never advocated for the change, and adheres to strict federal, state and local regulations at its White Mesa Mill, the nation’s last conventional uranium processor.

The company also highlighted a recent $725 million Department of Defense loan to support rare-earth production and an expansion project for heavy rare-earth materials. Critics, including tribal groups, argue the mill poses environmental risks to nearby communities.