Energy Fuels, a US-based uranium and rare earth elements (REEs) producer, has closed the acquisition of Australian critical mineral company Base Resources in a deal valued at approximately $178.4m (A$260.22m).
The move marks a significant step in Energy Fuels’ strategy to establish a global, low-cost supply chain for REEs and critical minerals.
This deal was announced in April 2024.
It enables Energy Fuels to progress with the development of heavy mineral sands projects in the Southern Hemisphere, notably the Toliara Project in Madagascar, the Bahia Project in Brazil and the planned Donald Project joint venture in Australia.
Energy Fuels aims to import Monazite to the US for processing at its White Mesa Mill in Utah.
Earlier this year, the company demonstrated its capability to refine Monazite into separated neodymium-praseodymium at a commercial scale.
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By GlobalData
Energy Fuels president and CEO Mark Chalmers said: “With Energy Fuels’ acquisition of Base Resources and its Toliara Project in Madagascar, we have now acquired the raw materials that, when developed, will enable us to become one of the world’s leading suppliers of advanced rare earth products and titanium and zirconium minerals, while also maintaining our current position as a leading producer of uranium in the US.”
Within the next two to four years, Energy Fuels plans to initiate production at the Toliara, Bahia and Donald projects, which could collectively produce up to 43,000 tonnes (t) of Monazite annually.
This output is expected to support the company’s production of approximately 4,000–6,000t of separated neodymium-praseodymium, along with 200–300t of dysprosium and terbium each year.
Chalmers said: “A key benefit to Energy Fuels from this acquisition is that Base brings to the company an experienced and highly regarded management and operations team with a proven track record of safe, efficient and profitable operations at heavy mineral sands operations in Africa.”
With the deal, Base Resources has the potential to tap into the REEs market, leveraging Energy Fuels’ White Mesa mill in Utah.
