Energy Fuels Inc. has announced the signing of a Memorandum of Understanding (MOU) to secure a near-term, large-scale source of rare earth minerals (REE) in Australia. This deal allows Energy Fuels to supply a new United States-based rare earth supply chain for decades to come.
Rare earth minerals are an integral part of many modern technological products, ranging from batteries, laptops, and light bulbs to green energy sources like wind turbines and solar cells. They are rare because only a few hundred rare earth elements exist, and the majority of them are rarely found in significant concentrations inside rock formations.
The MOU signed by Energy Fuels signifies a major step forward for their goal to become the only US-based producer of rare earth minerals. Under the agreement, Energy Fuels will become the exclusive supplier of a unique, high-grade Australian production source. The MOU secures Energy Fuels’ materials for the next seven years, with the option of extending their supply arrangement beyond that.
Not only is this MOU important for Energy Fuels’ future, but the US Government will benefit as well, as this will reduce their reliance on China for rare earth minerals. Now, the US will have a stable, secure source of rare earth minerals that can’t easily be disrupted.
Additionally, this MOU is helping promote a more sustainable way of mining. Instead of using traditional mining methods, Energy Fuels is using more responsible and eco-friendly methods, such as leaching, to minimize the environmental impacts of these types of operations.
Overall, this MOU is a win-win for Energy Fuels and the US Government, as well as the environment. With this new source of rare earth minerals, the US is now closer than ever to becoming a true leader in the REE sector and developing an independent, secure supply chain of these essential minerals.
Energy Fuels Inc. has announced the signing of a Memorandum of Understanding (MOU) to secure a near-term, large-scale source of rare earth minerals (REE) in Australia. This deal allows Energy Fuels to supply a new United States-based rare earth supply chain for decades to come.
Rare earth minerals are an integral part of many modern technological products, ranging from batteries, laptops, and light bulbs to green energy sources like wind turbines and solar cells. They are rare because only a few hundred rare earth elements exist, and the majority of them are rarely found in significant concentrations inside rock formations.
The MOU signed by Energy Fuels signifies a major step forward for their goal to become the only US-based producer of rare earth minerals. Under the agreement, Energy Fuels will become the exclusive supplier of a unique, high-grade Australian production source. The MOU secures Energy Fuels’ materials for the next seven years, with the option of extending their supply arrangement beyond that.
Not only is this MOU important for Energy Fuels’ future, but the US Government will benefit as well, as this will reduce their reliance on China for rare earth minerals. Now, the US will have a stable, secure source of rare earth minerals that can’t easily be disrupted.
Additionally, this MOU is helping promote a more sustainable way of mining. Instead of using traditional mining methods, Energy Fuels is using more responsible and eco-friendly methods, such as leaching, to minimize the environmental impacts of these types of operations.
Overall, this MOU is a win-win for Energy Fuels and the US Government, as well as the environment. With this new source of rare earth minerals, the US is now closer than ever to becoming a true leader in the REE sector and developing an independent, secure supply chain of these essential minerals.
