- Rare-earth metals market expected to almost double by 2026, driven by consumer and industrial electronics demand
- REEs are considered critical minerals by the government, but China absorbs biggest share of world supply
- Energy Fuels remains top U.S. uranium producer, determined to expand into rare earths and bring back production to US
As a leading U.S. uranium producer that recently expanded into the promising rare earths market, Energy Fuels (NYSE American: UUUU) (TSX: EFR) may hold the key to restoring sustainable, low-cost, domestic rare earth element (“REEs”) production in the United States (https://ibn.fm/3JIBW). That position could prove to be profitable, as the rare earth metals market is projected to grow at a CAGR of 12.3%, expanding from $5.3 billion in 2021 to $9.6 billion by 2026 (https://ibn.fm/OvsW0).
A number of critical industries, such as green technology and defense, consume rare earth elements. These elements are used in permanent magnets, metal alloys, phosphors, catalysts, polishing and glass additives. Rare-earth permanent magnets are expected to be the main growth drivers, with projected growth rates of 12% to 14% in the next decade. Such elements are used around the world in major consumer and industrial electronic applications including electric vehicles, wind energy, smartphones and hard disk drives, but China absorbs the biggest share of current world supply (https://ibn.fm/EUwVj).
Energy Fuels appears poised to become a key player in the rapidly expanding REEs market and revive production of the elements in the United States. Already the largest uranium producer in the country, with more production capacity and assets than any other U.S. uranium company, UUUU developed a complementary rare earth business in 2020. The strategic move was possible because one of the most valuable rare earth bearing minerals (monazite) also contains uranium that must be recovered before further downstream REE processing and refining can occur.
Energy Fuels is the key U.S. player for the raw materials, such as uranium, rare earths and vanadium, that make many clean energy and advanced technologies possible. These materials are categorized as critical minerals by the U.S. government, and both Congress and the Biden Administration support restoring U.S. production capabilities in these key industries. U.S. companies such as Energy Fuels produce critical minerals to the highest global standards for the protection of human health and the environment
UUUU believes that it might hold the key to restoring a sustainable, low-cost, domestic rare earth production in the country. “I’m not exaggerating when I say that rare earths at Energy Fuels’ White Mesa Mill in Utah might be the best resource opportunity I’ve encountered in my 45-year mining career,” said Energy Fuels president and CEO Mark S. Chalmers following the arrival of the first shipment of natural monazite ore at the company’s White Mesa Mill. This marks a significant milestone as monazite is one of the best naturally occurring rare earth minerals, but it is mainly sold to China’s rare earth and nuclear industries.
With a revived interest in the uranium sector and the company’s rapid progress in the REE space, combined with rising vanadium prices, Energy Fuels appears poised to seize further growth opportunities for the company and its shareholders.
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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