Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading producer of uranium and critical minerals in the United States, today announced that the first shipments of natural monazite ore arrived this past weekend at the companys White Mesa Mill in Blanding, Utah. According to the update, the material was separated by The Chemours Company at its Offerman Mineral Sand Plant in Georgia and transported by truck to the White Mesa 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, which will then advance to REE separation, 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. 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 weekends shipments of monazite ore from Chemours to Energy Fuels marks the beginning of operations for what we believe will become a burgeoning supply chain, said Mark S. Chalmers, president and CEO of Energy Fuels. There is a lot of excitement building for rare earths, because they make many clean energy and advanced technologies possible, including electric vehicles, wind generation, batteries and advanced electronics. Todays announcement is a key milestone as our companies create, refine and grow a sustainable rare earth supply chain capable of supplying growing demand for clean technologies in the U.S. and Europe.
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and anticipates commencing commercial production of rare earth element (REE) carbonate in 2021. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of Americas key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (ISR) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels common shares is the NYSE American under the trading symbol UUUU, and the companys common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR.
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