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Madagascar Government Lifts Suspension on Energy Fuels' Toliara Critical Minerals Project
Council of Ministers gives U.S.-based Energy Fuels the 'green light' to continue development of its world-class Toliara titanium, zirconium and rare earth eleme
About this update from Energy Fuels Inc.
[{"type":"text","content":" Council of Ministers gives U.S.-based Energy Fuels the 'green light' to continue development of its world-class Toliara titanium, zirconium and rare earth elements project LAKEWOOD, Colo., Nov. 28, 2024 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\"), a leading U.S. producer of uranium, rare earth elements (\"REEs\"), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar, has lifted the suspension (the \"Suspension\") of the Company's 100%-owned Toliara critical minerals project (the \"Toliara Project\"). The Suspension was imposed by the Government in November 2019. In October 2024, Energy Fuels acquired Base Resources and the Toliara Project. Mark S. Chalmers, President and CEO of Energy Fuels stated: \"The lifting of the suspension by the Malagasy Government is a very significant step in the development of the Toliara rare earths, titanium, and zirconium project. The Company can now re-commence development and other technical activities on the ground, which are expected to include the re-establishment of the Company's social programs, additional mine planning and engineering, expanding the critical mineral resource base, as well as progressing any other legal activities necessary to progress the Toliara Project and achieve a positive financial investment decision. \"Having closely evaluated countless mining projects around the world during my 45-year career, I believe the Toliara Project is truly a 'generational' mining project, having the potential to provide the U.S. and the rest of the world with large quantities of critical minerals for many decades, including rare earth elements which we plan to process at our existing facility in the U.S. \"We also believe the Toliara Project has the strong potential to be a 'crown jewel' of Madagascar's future economy, a leader in the global clean energy transition, and a model for sustainable mining in Africa, harnessing the principles and practices established and refined by Base Resources over 11 years operating the Kwale titanium and zirconium operation in Kenya. Energy Fuels acquired Base Resources this past October, including its well-regarded management and operations team which remains in place. \"We look forward to growing our...