- UUUU
has finalized consulting agreements with two rare earth element industry
experts
- Constantine
Karayannopoulos and Brock O’Kelley will assist Energy Fuels as it focuses
on entering rare earth space in the United States
- Energy
Fuels seeking to leverage existing U.S. facility to produce high-value
rare earth concentrates
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the
largest producer of uranium and the leading conventional producer of vanadium
in the United States, has announced that it has finalized agreements with
Constantine Karayannopoulos and Brock O’Kelley, two rare earth element (REE)
industry experts, to consult with the company in the development and
implementation of commercial and technical REE strategies for the new U.S. REE
program (http://ibn.fm/TWVaK).
The company previously announced that it is entering the U.S. rare earths space
by potentially leveraging its existing White Mesa Mill in Utah to produce
high-value rare earth concentrates. If successful, the mill would play a
critical role in restoring a U.S. rare earths supply chain.
“Energy Fuels is extremely excited to bring Constantine
Karayannopoulos and Brock O’Kelley on board to advance our entry
into the rare earth space in the U.S.,” UUUU President and CEO Mark S. Chalmers
stated in a news release. “Over the past year or so, Energy Fuels has been
actively evaluating this rare earth opportunity. We are quickly coming to the
conclusion that the White Mesa Mill may be an ideal U.S. facility to process
rare earth element ore streams and produce rare earth concentrates. Mr.
Karayannopoulos and Mr. O’Kelley will assist Energy Fuels in the commercial and
technical aspects of this endeavor.”
A chemical engineer by training with more than 25 years of
experience in the rare earth industry, Karayannopoulos currently serves as
chairman of Neo Performance Materials, one of the world’s leading producers of
rare earth engineered and magnetic materials, with integrated supply chains
across the globe. O’Kelley played a critical part in the operation of the
Mountain Pass, California, rare earth processing facility for several
decades. Both are industry veterans with extensive knowledge of REE processing
facility design, start-up, operations and downstream value-added manufacturing
of advanced REE products.
The consulting agreements represent Energy Fuel’s commitment
to pursue the commercially viable REE production capacity in the United States.
UUUU is currently evaluating minor modifications to its licenses and operations
designed to enable the processing of uranium- and thorium-bearing rare earth
ores at the White Mesa Mill facility in Utah. Removal and recovery of the
uranium and thorium from rare earth ores is central to Energy Fuels’ value
proposition, as many rare earth separation and recovery facilities are not able
to handle uranium or thorium from a technical or regulatory standpoint. While
adding this component to its business operations, Energy Fuels intends to
continue its focus on uranium mining and production operations, and simply
enhancing that production by recovering the contained uranium from REE ores for
sale into the nuclear fuel cycle in a manner similar to how China’s rare earth
and nuclear fuel industries work together.
“Energy Fuels looks forward to working with these two
industry veterans in developing our REE business in the U.S. and in advancing
our relationships in this sector,” added Chalmers. “Between Mr.
Karayannopoulos, Mr. O’Kelley, and ANSTO of Sydney, Australia, we believe
Energy Fuels is truly assembling a topflight team capable of building a
successful U.S. REE business.”
Based in Lakewood, Colorado, Energy Fuels holds three of
America’s key uranium production centers: the Nichols Ranch (ISR) project in
Wyoming, the Alta Mesa ISR Project in Texas and the White Mesa Mill in Utah –
the only conventional uranium mill operating in the United States today with a
licensed capacity of more than 8 million pounds of U3O8 per year. With an asset
portfolio that boasts more uranium production facilities, in-ground resources,
production capacity and experienced personnel than any other producer, Energy
Fuels is in a unique position to maintain its position as the leading producer
of uranium in an era of viable transformation of the U.S. nuclear industry.
For more information, visit the company’s website at www.EnergyFuels.com
NOTE TO INVESTORS: The latest news and updates
relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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