Energy Fuels Emerges as Key Player in North American Critical Minerals
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Energy Fuels Emerges as Key Player in North American Critical Minerals
- Energy Fuels is currently the only North American company producing both uranium and separated rare earth elements.
- The company began producing neodymium-praseodymium (NdPr) at its White Mesa Mill in Utah in April 2024.
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Energy Fuels Inc., headquartered in Colorado and Canadian-domiciled, is positioning itself as a significant force in the North American critical minerals sector, focusing on uranium and rare earth elements (REEs). The company operates the White Mesa Mill in Utah, which is the only licensed and operating conventional uranium mill in the United States.
Since 2017, Energy Fuels has produced approximately two-thirds of all uranium in the U.S. Beyond uranium, the company has made strides in rare earth processing. Its White Mesa Mill commenced commercial-scale production of neodymium-praseodymium (NdPr) in April 2024. This development is significant as NdPr is crucial for manufacturing permanent magnets used in electric vehicles, defense systems, and various advanced technologies. Energy Fuels also reported producing approximately 38,000 kg of separated NdPr in 2024.
The company is further expanding its rare earth capabilities, with pilot-scale production of dysprosium (Dy) oxide underway and expectations to produce its first kilogram of Dy oxide by late July 2025. Commercial production of Dy, terbium (Tb), and samarium (Sm) could begin as early as the fourth quarter of 2026. Energy Fuels has also announced the qualification of its terbium oxide by a major Japanese rare earth permanent magnet manufacturer, highlighting the quality of its products. The company aims to establish a fully integrated “mine-to-rare-earth permanent magnet” supply chain in the U.S. and Europe, a goal strengthened by its pending acquisition of German magnet manufacturer Vacuumschmelze (VAC).