Shipments of commercial quantities of rare
earths from Energy Fuels' White Mesa Mill in Blanding represent a milestone in the creation
of a new supply chain reducing dependence on foreign suppliers,
while boosting significant economic potential to the area
BLANDING, Utah, Sept. 16, 2021 /PRNewswire/ - Energy Fuels'
President and CEO, Mark Chalmers is
hosting business, community and industry heavyweights in
Blanding, Utah to introduce the
commencement of production and shipments of an intermediate rare
earth element ("REE") product, called mixed rare earth carbonate
("RE Carbonate"), at its Utah-based White Mesa Mill (the "Mill").
Approximately 15 containers of RE Carbonate (300 tonnes of product)
produced at the Mill is being shipped to Europe where it will be processed into
separated rare earth oxides and other value-added RE compounds,
thereby creating a new U.S. to Europe RE supply chain along with
new opportunities and financial benefits for the surrounding
communities. The Mill will be producing rare earths as a complement
to its established uranium production business.
The Company will also showcase its U.S. industry-leading uranium
production capabilities. Energy Fuels has been the largest producer
of uranium in the U.S. for the past several years, boasting more
uranium production facilities, mines and capacity than any other
U.S. company. The White Mesa Mill is the largest uranium production
facility in the US and America's only operating uranium mill.
Uranium is seeing increased interest recently, as it is the fuel
for nuclear energy, which is the largest source of clean, carbon
free energy in the U.S.
REEs are necessary in the production of hundreds of everyday and
specialty items with a wide range of consumer applications,
including cell phones, computer hard drives, electric and hybrid
vehicles, and flat screen monitors and televisions. They also have
significant national defense uses including electronic displays,
guidance systems, lasers, and radar and sonar systems. Furthermore,
with the global push to reduce greenhouse gas emissions, the
expansion of green technologies such as solar and wind will
continue to play a critical role, and REEs are a fundamental raw
material used in the manufacturing of these clean energy sources.
There are currently no U.S. companies producing separated REE
oxides or any other advanced or value-added REE compounds, thereby
making the US 100% dependent on the importation of these critical
materials. Energy Fuels is determined to reverse that reliance and
lessen the risk of disruption to the clean energy economy and our
national defense.
"This is an exciting time for all of us at Energy Fuels in both
the uranium and rare earth sectors," said Chalmers. "We believe the
San Juan County community will
benefit greatly from this rare earth initiative, as it will offer
not only a safe, environmentally sensible, and
domestically-generated product, but it will also stimulate local
employment and be an economic boost to the area." The White Mesa
Mill is currently one of the largest private employers in the
county, and it is estimated that this new rare earth effort could
result in an investment of hundreds of millions of dollars into the
facility, which could translate into 100+ jobs in the region—one of
the largest reinvestments this region has seen in decades. "In
addition to the economic benefits to Utah, restoring rare earth production to
the United States will greatly
benefit the entire U.S. economy and manufacturing sector by
providing a domestic source of clean energy materials produced to
the highest global standards for environmental protection,
sustainability and human rights, while also allowing for source
validation and tracking from mining through final end-use
applications," added Chalmers. "With the increased demand for rare
earths—up to a fivefold demand increase over the next 10 years—we
will need all hands-on deck. Combined with the current resurgence
in uranium, rare earths represent a truly an immense opportunity
for San Juan County, the
State of Utah, and the United States as a whole."
This move by Energy Fuels comes at a time when the Biden
administration has made it a priority to reestablish the rare
earths industry in the US. Currently, China dominates every aspect of the REE
industry from mining to the manufacturing of REE magnets. In the
early 1990's, China produced 38%
of world's REEs, the US produced 33%, Australia produced 12%, and Malaysia and India produced a combined five percent with
several smaller countries making up the rest (Source: What are rare
earth elements, and why are they important? | American Geosciences
Institute). However, a significant shift in those percentages
occurred, and by 2011 97% of the world's REEs were produced in
China. While China is expected to continue as the dominant
player in the global REE industry, Energy Fuels believes it can
create a low-cost, secure domestic alternative for end-users
seeking diversity of supply and competition.
Headquartered in Lakewood,
Colorado, Energy Fuels currently plans to ramp up to process
up to at least 15,000 tons of monazite per year at its White Mesa
Mill. This amount of monazite contains roughly 50% of current U.S.
rare earth demand, along with significant quantities of uranium,
which will be recovered for use in domestic nuclear energy
production. "Energy Fuels and our partner, Neo Performance
Materials, have made significant steps toward restoring critical
U.S. and European rare earth supply chains," added Chalmers. "We
are strategically seeking to increase our rare earth carbonate
production in the coming years, since we first started acquiring
monazite ore produced in the State of
Georgia earlier this year."
Successfully producing REEs, and physically delivering the first
containers of RE Carbonate to Neo for separation, is an important
achievement, not only for Energy Fuels, but also for the U.S.
government and its efforts to restore critical rare earth supply
chains. This is also good news for end-users of rare earth products
in the U.S., Europe, Japan and elsewhere who seek alternative
sources of rare earths produced in the U.S. and Europe that adhere to the highest global
regulations and standards of environmental protection and
sustainability as well as keeping a close eye on human rights.
Because monazite contains naturally occurring radioactive
elements, including uranium, the White Mesa Mill is the ideal
location to process this valuable material. The Mill will recover
the uranium from the monazite, which will be used for the
generation of clean nuclear energy. The Mill is also evaluating the
recovery of thorium which has potential uses in advanced nuclear
technologies along with medical isotopes needed for emerging
targeted alpha cancer therapies. In addition, the monazite that is
received from Georgia contains
over 50% REEs, which means Energy Fuels can recover large
quantities of REEs while generating relatively tiny amounts of
waste. "We have an exceptional track record of environmental
protection and regulatory compliance at the Mill. We also have a
lot of experience in safely handling and working responsibly with
low-level, natural radioactive elements contained in a variety of
uranium ores and recycled alternate feed materials," stated
Curtis Moore, Energy Fuels' VP of
Marketing and Corporate Development. "Monazite sand contains
roughly the same percentage of uranium as the ore found in mines in
the Four Corners' region. So, we
know we will responsibly process it for the recovery of the raw
materials needed for various clean energy and advanced
technologies. The safety of our community and our employees is and
will always remain paramount. We also are evaluating how we can do
more for our local communities, particularly local Navajo, Ute, and
other Native American communities."
"Energy Fuels recognizes the lingering distrust in communities
that witnessed and experienced the health and environmental impacts
from historic Cold War uranium mining operations, which continue to
impact perceptions. We are deeply committed to addressing the
world's most pressing environmental issues, while advancing toward
the electrification of the world economy. We believe that unlocking
the value of domestically produced monazite and the domestic
production of rare earths, combined with our existing uranium
business, is a significantly positive step." Energy Fuels has and
continues to be profoundly committed to responsible and modern
mining and production, and all U.S. uranium and REE production is
done to the highest global standards for environmental protection
and human rights.
About Energy Fuels: Energy Fuels is a leading US-based
uranium mining company, supplying U3O8 to major nuclear utilities.
Energy Fuels also produces vanadium for certain projects, as market
conditions warrant, as well as rare earth carbonate. With corporate
offices are in Lakewood, Colorado,
near Denver, and all of its assets
and employees in the United
States, Energy Fuels holds three of America's key uranium
production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in
Wyoming, and the Alta Mesa ISR
Project in Texas. Energy Fuels'
website is www.energyfuels.com.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING
STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
information may relate to future events or future performance of
Energy Fuels. All statements in this release, other than statements
of historical facts, with respect to Energy Fuels' objectives and
goals, as well as statements with respect to its beliefs, plans,
objectives, expectations, anticipations, estimates, and intentions,
are forward-looking information. Specific forward-looking
statements in this discussion include, but are not limited to, the
following: any expectation as to future production of
uranium at the Mill; any expectation as to future production
of rare earth products at the Mill or creation of a new U.S. to
Europe supply chain; any
expectation as to the Company's ability to increase rare earth
carbonate production; any expectations as to increased demand for
rare earths; any expectation as to future production of thorium and
other radioisotopes for use in emerging targeted alpha
therapies; any expectation as to future revenues at the
Mill; any expectation that San Juan
County or Utah will realize
significant economic benefits or that the Company's rare earth
initiative will create 100+ jobs; any expectation that
Energy Fuels will reverse America's reliance on imports or lessen
the risk of disruption for critical minerals; any expectation that
Energy Fuels will create a low-cost, secure domestic
alternative for end-users seeking diversity of supply and
competition. Often, but not always, forward-looking
information can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"continues", "forecasts", "projects", "predicts", "intends",
"anticipates" or "believes", or variations of, or the negatives of,
such words and phrases, or state that certain actions, events or
results "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved. This information involves known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Factors
that could cause actual results to differ materially from those
anticipated in these forward-looking statements include risks
associated with: commodity prices; processing difficulties and
upsets; available supplies of monazite sands; the capital and
operating costs associated with the recovery of uranium, rare earth
products, thorium and other radioisotopes at the Mill; licensing,
permitting and regulatory delays; litigation risks; competition
from others; market factors, including future demand for and prices
realized from the sale of uranium, rare earth products, and thorium
or other radioisotopes produced at the Mill. Forward-looking
statements contained herein are made as of the date of this news
release, and Energy Fuels disclaims, other than as required by law,
any obligation to update any forward-looking statements whether as
a result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. Energy Fuels assumes no
obligation to update the information in this communication, except
as otherwise required by law.
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SOURCE Energy Fuels Inc.