- Energy Fuels (EFR) has completed a $21.9 million acquisition of 17 mineral concessions in Brazil, collectively known as the Bahia Project
- The project, a well-known heavy mineral sand deposit, may supply up to 10,000 metric tonnes of concentrate per year
- The company will extract high-purity rare earth element oxides and other materials from the concentrate
- The concentrate processing can create a by-product of uranium, which supports Energy Fuels’ existing uranium operations
- Energy Fuels (EFR) is down 1.52 per cent and is trading at $9.71 per share as of 1:11 p.m. EST
Energy Fuels (EFR) has completed its $21.9 million acquisition of 17 mineral concessions in Brazil.
The concessions cover an area of approximately 15,089.71 hectares which are collectively known as the Bahia Project. The acquisition’s closing followed the Brazilian Government’s approval to transfer the project to Energy Fuels Brazilian subsidiary.
According to the company, the Bahia Project is a well-known heavy mineral sand deposit. The deposit may supply up to 10,000 metric tonnes of concentrate per year to extract high-purity rare earth element oxides and other materials. The company estimates this rate will last for decades to supply its White Mesa Mill in Utah.
Energy Fuels stated its primary interest in acquiring the project is the rare earth element-bearing concentrate. However, the project is also expected to produce large quantities of high-quality titanium and zirconium.
The rare earth element production can support Energy Fuels’ U.S. uranium business because these minerals naturally contain uranium. The uranium will be recovered at the mill before removing other impurities.
These rare earth elements are used in the powerful magnets that power electric vehicles, along with uses in other clean energy and defence technologies.
Energy Fuels (EFR) is down 1.52 per cent and is trading at $9.71 per share as of 1:11 p.m. EST.