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Energy Fuels Set to Enter Commercial Rare Earth Business in Q1-2021, Producing Materials That Make Many Clean Energy and Advanced Technologies Possible; Webcast on Dec. 15
New Monazite Supply Agreement with The Chemours CompanySupports Energy Fuels' Efforts to Help Reestablish Key U.S. Supply Chain LAKEWOOD, Colo., Dec. 14, 2020 /
About this update from Energy Fuels Inc.
[{"type":"text","content":" New Monazite Supply Agreement with The Chemours CompanySupports Energy Fuels' Efforts to Help Reestablish Key U.S. Supply Chain LAKEWOOD, Colo., Dec. 14, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\") is pleased to announce that it has entered into a three-year supply agreement with The Chemours Company (NYSE: CC) (\"Chemours\") to acquire a minimum of 2,500 tons per year of natural monazite sands, one of the highest-grade rare earth element (\"REE\") minerals in the world. Energy Fuels expects to process this monazite at its 100%-owned White Mesa Mill starting in Q1-2021, recover the contained uranium, and produce a marketable mixed REE carbonate, representing an extremely important step toward re-establishing a fully-integrated U.S. REE supply chain. Upon a successful ramp-up of this program, Energy Fuels will be the first U.S. company in several years to produce a marketable mixed REE concentrate ready for separation on a commercial scale. We estimate that the amount of REEs contained in the monazite sands to be supplied by Chemours will equal close to 10% of total current U.S. REE demand, as contained in end-use products. REEs are the building-blocks of a wide array of clean energy and advanced technologies, including wind turbines, electric vehicles, cell phones, computers, flat panel displays, advanced optics, catalysts, medicine, and national defense applications. Monazite also contains significant recoverable quantities of uranium, which fuels the production of carbon-free electricity using nuclear technology. \"With our announcement today, southeast Utah is fast becoming America's clean energy and critical minerals hub,\" stated Mark S. Chalmers, President and CEO of Energy Fuels. \"Our goal is to domestically produce the raw materials needed for clean energy and advanced technologies, while creating green jobs in an economically challenged part of the country. Currently, the U.S. imports nearly all of our rare earth, uranium and vanadium requirements, despite having ample supplies here in the U.S. Importantly, in the United States we are highly regulated and operate to the highest standards, which means we produce these minerals more responsibly than many of the countries from which we currently import. Our agreement with Chemours may be the beginning of...