Mentioned:
There might be a new rare earth mine coming soon to Australia. And Energy Fuels is behind it.
What’s happening:
- Energy Fuels (NYSE: UUUU) has announced that they have received final regulatory approval from the government of Victoria, Australia to construct and operate the Donald rare earth mine in partnership with Astron Corporation (ASX: ATR)
By the numbers:
- Energy Fuels has the right to earn a 49% equity stake in the Donald rare earth mine through investing $119M USD directly into advancing the project and through issuing $17.5M USD in common shares
Why it matters:
- The Donald rare earth mine is one of the most promising projects in Australia for producing light and heavy rare earth oxides at scale
Going deeper:
- Energy Fuels has publicly stated that as part of the collaboration with Astron Corporation they will process rare earth concentrates produced at the Donald project at Energy Fuels’ rare earth processing mill located in Utah
- Energy Fuels has been aggressively making moves to expand their operations in rare earth elements, including previously striking a new partnership with The Chemours Company (NYSE: CC) for strengthening domestic rare earth production in North America
