Energy Fuels Inc. has entered into an agreement to acquire 100% of Australian Strategic Materials Limited in a transaction valuing ASM at approximately US$299 million. The acquisition will be completed via a scheme of arrangement under Australian law and is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements mine-to-metal and alloy producer outside of China.
The transaction combines Energy Fuels’ rare earth element oxide production at its White Mesa Mill in Utah with ASM’s operating Korean Metals Plant and planned American Metals Plant. This integration is expected to strengthen vertical integration across the REE value chain, expand downstream refining and alloy conversion capacity, and enhance 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 has been the leading U.S. producer of natural uranium concentrate for the past several years and owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products and vanadium oxide when market conditions warrant.
The company is also evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels trades its common shares on the NYSE American under the trading symbol ‘UUUU’ and is also listed on the Toronto Stock Exchange under the trading symbol ‘EFR.’ The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU.
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