Energy Fuels Inc. has received final regulatory approval from the Government of Victoria, Australia, for its Donald Rare Earth and Mineral Sand Project. This project, a joint venture with Astron Corp., is recognized as a leading near-term source of rare earth minerals.
With this approval, Lakewood-based Energy Fuels can move forward with critical steps, including financing arrangements, ahead of a final investment decision expected by the end of 2025. The project will facilitate the extraction of rare earth minerals, which the company plans to process into various types of oxides at its facility in Utah.
Energy Fuels intends to invest up to $119 million to acquire a 49% interest in the project, which aims to produce approximately 7,000 to 8,000 metric tons of rare earth mineral concentrate annually, beginning as early as 2026. This production will include key elements such as neodymium-praseodymium, dysprosium and terbium.
Once operational, the joint venture will sell the minerals to Energy Fuels at market prices, which will enable the company to secure a consistent source of rare earth feedstock for an extended period. The project is expected to contribute significantly to both commercial and defense technologies, as it will provide access to important materials that are currently in demand.