Energy Fuels Inc. and Vulcan Elements have signed a Memorandum of Understanding (MOU) to develop a fully U.S.-based supply chain for rare earth permanent magnets, which they say reduces reliance on China for these critical materials.
Under the agreement, Lakewood-based Energy Fuels will begin supplying high-purity neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides to Vulcan in Q4 2025. These oxides will be refined at Energy Fuels’ White Mesa Mill in Utah using monazite concentrates sourced from mines in Georgia and Florida. The materials will be validated by Vulcan for use in magnet manufacturing.
NdPr and Dy are essential for producing rare earth magnets used in electric vehicles, defense systems, robotics and AI infrastructure. Vulcan manufactures these magnets at its facility in Durham, North Carolina.
“We believe this collaboration will enable Vulcan to ensure it has access to the rare earth materials it needs in order to deliver high-performance magnets for critical technologies and essential military capabilities,” said Vulcan CEO John Maslin. Energy Fuels CEO Mark Chalmers added, “We believe Vulcan Elements is emerging as a top-tier manufacturer, and we see this MOU as the first step towards building a long-term relationship that serves the interests of both companies and the U.S.”
The companies plan to negotiate long-term supply agreements following successful validation of the materials.
