Energy Fuels Inc., a Lakewood-based uranium and rare earth elements producer, has completed the acquisition of Base Resources Ltd., a heavy mineral sands and critical mineral company headquartered in Perth, Australia. The acquisition enhances Energy Fuels’ ability to restore critical mineral supply chains essential for clean energy, economic security and national defense.
The acquisition includes the Toliara Project in Madagascar, which Energy Fuels considers the top critical mineral development project globally. The Toliara Project is expected to become a large-scale, low-cost source of rare earth minerals, which will be processed at the company’s existing facility in Utah. Rare earths are vital for various clean energy technologies, such as electric vehicles and direct-drive wind energy.
Mark Chalmers, president and CEO of Energy Fuels, said, “With Energy Fuels’ acquisition of Base Resources and its Toliara Project in Madagascar, we have now acquired the raw materials that, when developed, will enable us to become one of the world’s leading suppliers of advanced rare earth products and titanium and zirconium minerals, while also maintaining our current position as a leading producer of uranium in the United States.” He further outlined the company’s goal to establish a large-scale critical mineral company based in the U.S. that also produces vanadium and medical isotopes.
The acquisition aims to complete the company’s rare earth element supply chain, allowing Energy Fuels to control internal supply and reduce costs. Chalmers emphasized the commitment to responsible mining practices and to bringing rare earth processing back to the U.S.
Energy Fuels plans to develop several projects, including Toliara, Bahia in Brazil and the Donald Project in Australia, to produce significant quantities of Monazite, a rare earth rich mineral.
Additionally, Energy Fuels is expanding its rare earth separation capabilities at its Mill in Utah, coinciding with the anticipated operational timelines of new mining developments. The company also aims to increase uranium production, maintaining its status as a leading U.S. uranium producer.
The Toliara Project is noted for its high-quality titanium, zirconium and rare earth minerals, and the company is currently working on securing necessary approvals and negotiating fiscal terms with the Madagascar government to advance development.
Chalmers welcomed Base’s management and operations team to Energy Fuels, highlighting their successful track record.