Energy Fuels (AMEX:UUUU) shares climbed 4% Tuesday after the company confirmed that its domestically mined and processed rare earth elements have successfully been converted into permanent magnets suitable for electric and hybrid vehicles.
The firm reported that high-purity neodymium-praseodymium (NdPr) oxide from its White Mesa Mill in Utah met all quality standards for use in EV drive unit motors. This oxide was transformed into commercial-scale rare earth permanent magnets by South Korea’s largest manufacturer of drive unit motor cores.
This milestone marks a key step in creating a China-independent “mine-to-magnet” supply chain using U.S.-produced rare earth oxides. The qualified NdPr oxide can now be used in high-temperature drive units for EVs and hybrid vehicles manufactured by leading automakers in North America, Europe, Japan, and Korea.
“We are excited to announce that rare earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon, representing a major achievement in restoring domestic critical mineral supply chains,” said Mark S. Chalmers, CEO of Energy Fuels.
The 1.2 metric tonnes of NdPr oxide supplied by Energy Fuels was converted into roughly 3.0 metric tonnes of rare earth permanent magnets, enough to supply around 1,500 new electric and hybrid vehicles. Drive units incorporating Energy Fuels’ NdPr oxide are expected to be installed in new vehicles within the coming months.
The rare earth oxides were sourced from monazite concentrates mined in Florida and Georgia at heavy mineral sand operations owned by The Chemours Company, and processed at Energy Fuels’ White Mesa Mill in Utah—the only facility in North America currently licensed and capable of producing high-purity rare earth oxides from monazite.
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