Energy Fuels (NYSE American: UUUU) (TSX: EFR) announced that it has taken the next step in the development of a fully integrated U.S. rare earth element (“REE”) supply chain by signing a memorandum of understanding (“MOU”) with Hyperion Metals Limited. The MOU calls for Energy Fuels to receive natural monazite sands from Hyperions Titan Project in Tennessee, which UUUU anticipates using to produce mixed rare earth element products at its White Mesa Mill in Utah. In addition, the announcement noted that the two companies have agreed to assess a potential partnership that would advance Energy Fuels’ initiative to create a fully integrated, mine to market U.S. REE supply chain for the electric vehicle and renewable energy industries. Energy Fuels, along with Chemours and Neo, are creating a new U.S.-Europe rare earth supply chain,” said Energy Fuels president and CEO Mark Chalmers in the press release. “For this initiative to achieve its full potential, we are actively seeking new, ethically produced sources of monazite, with sources from the U.S. being our first priority. Therefore, we are excited to work with Hyperion to secure additional sources of monazite for processing at the White Mesa Mill. Through their association with Piedmont Lithiums project in North Carolina, members of the Hyperion team have demonstrated to us that they have the know-how and resources to bring U.S. critical mineral projects into production. We look forward to working with the Hyperion team and potentially seeing our relationship grow through their participation in a fully integrated, low cost U.S. rare earth supply chain in the future.”
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 (“U308”) to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant, and expects to commence 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 United States today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, and is completing final test-work for the production of 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. along with several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.
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