Energy Fuels Inc. recently announced the signing of a Memorandum of Understanding (MOU) with an Australian rare earth mineral producer to help establish a new US-based rare earth minerals supply chain.
This means that the United States will soon have access to a secure near-term source of rare earth minerals from Australia, helping the country diversify its existing supply chain and potentially improving its access to rare earth elements.
The MOU is a significant step forward in Energy Fuels’ effort to create a US-based rare earth minerals supply chain. This is an important development as the US has been heavily reliant on imports of rare earth materials from China, and the new supply chain would create opportunities for domestic production and growth.
The MOU outlines a plan for Energy Fuels to partner with the Australian supplier to produce, refine, and distribute rare earth elements in the United States. The rare earth elements will be used in the production of specialized products, from defense and aerospace, to medical and environmental applications.
The plan also calls for Energy Fuels to finance the construction of a custom processing facility in the United States. This facility would enable Energy Fuels to convert the rare earth minerals into rare earth oxides and metals quickly and cost-effectively, creating jobs in the US in the process.
Energy Fuels’ CEO Mark Chalmers said that the MOU “underscores energy [sic] Fuels core mission to become the leading supplier of domestic rare earth minerals and products in the US.” He continued by saying that the partnership would help to ensure the company’s long-term success in the rare earth minerals market.
With the signing of this MOU, Energy Fuels has taken a major step towards creating a new, secure source of rare earth minerals for the US. This new supply chain could help reduce reliance on China for rare earth minerals and create jobs in the US. It could also improve access to rare earth elements, which are essential components of many high-tech products.