Business
Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned
Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the ...
About this update from Energy Fuels Inc.
[{"type":"text","content":"\n \n \n \n Energy Fuels and Astron Corporation Limited Execute Definitive Agreements to Jointly Develop the Donald Rare Earth and Mineral Sands Project in Australia; Uranium Production from the Company's U.S. mines and Alternate Feed Materials Continues to Ramp up as Planned\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n The Donald Project is an advanced-stage project with the potential to supply approximately 7,000 – 14,000 tonnes of\n \n \n monazite sand in a rare earth element (\"\n \n REE\n \n \") concentrate (\"\n \n REEC\n \n \") per year to Energy Fuels' White Mesa Mill (the \"\n \n Mill\n \n \"), located in\n \n Utah, U.S.A.\n \n , for processing into separated REE oxides, as early as 2026.\n \n \n \n \n Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately\n \n $122 million\n \n ) and issue\n \n $17.5 million\n \n in Energy Fuels shares to earn up to a 49% interest in the project.\n \n \n \n \n Of these amounts, Energy Fuels expects to issue\n \n $3.5 million\n \n in Energy Fuels shares in 2024 and to invest approximately\n \n $10.6 million\n \n in 2024 from its existing working capital\n \n \n (approximately\n \n $225 million\n \n at\n \n March 31, 2024\n \n )\n \n \n , prior to making a final investment decision to proceed with the development of the first phase of the project.\n \n \n A positive final investment decision would require the approval of both Energy Fuels and Astron and would generally require commitments for satisfactory offtake and/or sales agreements for the REE oxides expected to be produced from REEC at the Mill, as well as commitments for non-recourse and/or government-backed debt financing for the project.\n \n \n \n \n The REEC production of approximately 7,000 to 8,000 tonnes per year from the first phase of the Donald Project would be processed at the Mill's recently constructed REE oxide separation circuit, which is expected to be fully commissioned by the end of Q2 2024 and has the capacity to process up to 10,000 tonnes of monazite sand pe...