With just five weeks remaining in the 20-year Megatons for Megawatts program, the reality of this highly successful program's demise is starting to set in. For those not familiar with the program, this was an agreement whereby Russia would convert high enriched uranium (HEU) from Soviet era warheads and convert them into low enriched uranium (LEU) the U.S. bought for use in domestic nuclear plants.

The end of this deal has been greatly documented. However, if the U.S. is truly set on meeting stringent 2020 carbon laws, nuclear power must still be part of our energy future. This has me thinking there could be a mad scramble by corporations to secure quality uranium assets right here at home, which has me excited about the potential for increased M&A activity in the sector, especially since it appears the price of uranium may finally have bottomed post-Fukushima. Cameco (NYSE:CCJ) has publicly stated its desire to acquire assets that are more near-term when it comes to production, so it may be hard to ignore Energy Fuels (NASDAQOTH:EFRFF), a company with fully licensed and permitted uranium and vanadium assets. The company, which recently completed a 1 for 50 reverse stock split and is seeking a public listing on a major U.S. exchange, has assets adjacent to Cameco's property in the Gas Hills that may yield 10 million pounds of uranium so these neighbors getting together may not be so inconceivable. This idea is further strengthened by Energy Fuels gaining new partners in Sumitomo and Kepco as a result of its recent Strathmore acquisition. 

John Licata does own options in Energy Fuels. You can follow John on Twitter @bluephoenixinc. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.