Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited (ASX: ASM) in a transaction valued at approximately US$299 million. The acquisition, to be completed via a scheme of arrangement under Australian law, is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements (REE) mine-to-metal and alloy producer outside of China.
The combination brings together Energy Fuels' REE oxide production capabilities at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and its planned American Metals Plant. This vertical integration across the REE value chain is expected to expand downstream refining and alloy conversion capacity, enhancing supply chain security for critical magnet materials used in automotive, energy, robotics, and defense applications.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company owns and operates several conventional and in-situ recovery uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate for the past several years. Its White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the U.S., where it also produces advanced REE products and vanadium oxide as market conditions warrant.
The acquisition underscores the growing importance of securing domestic and allied supply chains for rare earth elements, which are essential for permanent magnets used in electric vehicles, wind turbines, drones, and military systems. Currently, China dominates the global REE supply chain, from mining to magnet production. By integrating ASM's downstream processing capabilities, Energy Fuels aims to provide a non-China source of separated REE oxides and metals.
ASM operates a metals plant in South Korea that produces neodymium-praseodymium (NdPr) metal and other critical materials. The company is also developing a rare earth processing facility in the United States, which will complement Energy Fuels' upstream assets. The transaction is expected to close in mid-2025, subject to regulatory approvals and ASM shareholder approval.
For more information, visit the full press release at https://ibn.fm/bfyV9 and the company's newsroom at http://ibn.fm/UUUU.
