Energy Fuels, Vulcan Elements sign MOU to advance rare earth magnet security

Energy Fuels (UUUU) and Vulcan Elements announced that the companies have signed a memorandum of understanding to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China. Rare earth magnets are used in a variety of commercial and defense applications, including satellites, robotics, artificial intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, industrial motors, and power tools. Under the collaboration, Energy Fuels has agreed to supply initial quantities of high-purity “light” and “heavy” separated rare earth oxides to Vulcan in Q4. Upon receipt, Vulcan will validate Energy Fuels’ neodymium-praseodymium and dysprosium oxides for production of rare earth magnet applications. After validating the oxides, Vulcan and Energy Fuels intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides. NdPr and Dy are key raw materials required for the manufacture of rare earth magnets. The NdPr and Dy oxides that Energy Fuels will provide to Vulcan under the MOU for validation will be sourced exclusively from U.S. mines. Energy Fuels’ White Mesa Mill in Utah is the only operating U.S. facility capable of processing monazite mineral concentrates into separated rare earth oxides. Monazite concentrates are highly coveted in the rare earth industry because they have higher concentrations of “light”, “mid,” and “heavy” rare earth materials compared to other mineral sources.