The Madagascar Council of Ministers has lifted the suspension of Energy Fuels Inc.’s Toliara critical minerals project, allowing the Lakewood-based company to continue development. The suspension had been in place since November 2019.
Energy Fuels acquired the Toliara Project along with Base Resources in October 2024. Mark S. Chalmers, President and CEO of Energy Fuels, said, “The lifting of the suspension by the Malagasy Government is a very significant step in the development of the Toliara rare earths, titanium and zirconium project.” He added that the company plans to re-establish social programs, advance mine planning and expand the critical mineral resource base.
The Toliara Project holds a mining permit for titanium and zirconium minerals. Development activities were previously halted by the government pending negotiations over fiscal terms. With the suspension lifted, Energy Fuels can now advance its investment and development efforts, with plans to achieve a Financial Investment Decision by early 2026.
The company will work with the Government of Madagascar to formalize the fiscal and stability terms for the project, including adding rare-earth element production to the existing mining permit.
