Energy Fuels receives first shipment of rare earths-rich monazite, shares up

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Energy Fuels Inc. [UFR-TSX; UUUU-NYSE American] reported that the first shipments of natural monazite ore arrived at its White Mesa mill in Blanding, Utah, this past weekend. This material was separated by The Chemours Company at its Offerman Mineral Sand Plant in Georgia and transported by truck to the Mill.

In the coming weeks, Energy Fuels expects to gradually ramp-up production of an intermediate rare earth element (REE) product, called a “mixed REE carbonate.” This product will then advance to REE separation, which is the next stage in the REE value chain. Energy Fuels also expects to recover the uranium in the ore, which will be used as fuel for the generation of clean, carbon-free nuclear energy.

Upon successful ramp-up, Energy Fuels expects to commercially produce an REE product at a stage more advanced than any other U.S. company. As previously announced, Energy Fuels expects to sell its mixed REE carbonate to Neo Performance Materials, which will process this material at its facility in Europe and manufacture separated rare earth products available to U.S. and European markets. Energy Fuels is also continuing to evaluate developing additional value-added U.S. rare earth separation and other capabilities in Utah in the future.

Mark S. Chalmers, President and CEO of Energy Fuels, stated: “Over the past few months, Energy Fuels, Neo and Chemours have quietly worked to create something very significant: a new, fully-integrated, U.S.-Europe rare earth supply chain. This weekend’s shipments of monazite ore from Chemours to Energy Fuels marks the beginning of operations for what we believe will become a burgeoning supply chain.

“We believe Energy Fuels has done more to restore U.S. rare earth production in one year than others have achieved in many years. Less than one year ago, Energy Fuels announced that we were entering the U.S. rare earth space. Now, we are receiving shipments of rare earth bearing ore and are in the process of ramping up for commercial production of an intermediate rare earth product at a stage more advanced than any other U.S. company. We intend to optimize our production of a mixed rare earth carbonate and then move on to developing our own ability to manufacture separated rare earth products at our plant in Utah. Our ultimate goal is to stand-up a fully-integrated U.S. rare earth supply chain that is globally competitive, quicker than any other U.S. company.”

In March 11 trading, Energy Fuels shares gained $0.33 to $6.92 on a volume of 347,900.

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