April 28, 2021
| Energy Fuels Inc. (TSX:EFR, Not Rated, David A. Talbot) announced that it has engaged a leading consultant, Carester SAS, to prepare a scoping study for the development of a rare earth element separation circuit at the company’s White Mesa mill in Utah. Based in Lyon, France, Carester SAS is recognized as one of the leading global consultants on rare earth supply chains with experience in processing natural monazite feeds into value-added rare earth products. The scoping study will include an evaluation of the mill’s monazite leaching process, preparation of REE separation flowsheet, cost estimates, as well as other materials. This process is a part of EFR’s plan to review downstream REE processing and capture further value for shareholders, taking a dominant position as the sole REE producer in the USA. With a contract already in place to purchase a minimum of 2,500 tons per year of natural monazite sands from Chemours’ Georgia, Energy Fuels is also in the process of securing additional supplies of monazite from the U.S. and internationally, where it will immediately be able to sell its intermediate material to Neo Performance Materials (TSX:NEO, Not Rated). The White Mesa mill is currently ramping up to 5,000 tpa and then 15,000 tpa of natural monazite ore (and potentially coal) to produce a 71% mixed REE carbonate; this could satisfy 10% of US mixed carbonate demand by utilizing just a fraction of its mill capacity. The REE separation study announced today is reflective of Energy Fuels Phase 2 plans to supply 50% of US-separated REE oxide demand, with the potential to restore a fully integrated commercial US rare earth supply chain within the next two or three years. We believe Energy Fuels’ collaboration with the Carester team should significantly support its operations, as the REE oxide separation process becomes a massive de-risking event and critical to US national security given China’s domination in the sector. Meanwhile, EFR remains the largest producer of uranium and vanadium in the USA. Read more |
