IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Energy Fuels (NYSE MKT: UUUU) (TSX: EFR) has entered into a memorandum of understanding (MOU) with Astron Corporation to jointly develop the Donald rare earth elements (REE) and mineral sands project, located in the Wimmera region of Victoria, Australia.
The Donald project represents a world-scale, shovel-ready critical mineral deposit that the US-based rare earths miner said could provide a near-term, low-cost and large-scale source of monazite sand in concentrates.
The product would be transported to Energy Fuels’ White Mesa mill in Utah for processing into rare earth oxides and other advanced materials as well as recovery of the contained uranium.
Rare earths are the building blocks of an array of clean energy and advanced technologies, including wind turbines, electric vehicles, cell phones, computers, advanced optics, catalysts, medicine and national defense applications.
In 2021, Energy Fuels and Neo Performance Materials (TSX: NEO) created a new US-to-Europe rare earth supply chain when the first container of mixed rare earth carbonate produced at the White Mesa mill was shipped to Neo’s rare earth separations facility in Estonia.
With supportive US government policies, and US and European companies increasingly focused on security of supply, Energy Fuels said it is rapidly creating a new significant rare earth supply chain that can reduce America’s reliance on output from China.
The company is aiming to secure long-term sources of rare earth elements through offtake (Chemours), joint venture (Astron) and its 100% owned Bahia project in Brazil.
With its proposed investment of approximately A$180 million ($122m), and most licences and permits in place or at an advanced stage of completion, the Donald project is expected to be a new, long-term source of several critical minerals key to the clean energy transition, including REEs, titanium, zircon and uranium, the company said.
The Donald project is expected to provide Energy Fuels with 7,000 to 14,000 metric tons of rare earth concentrates per year, containing 4,000 to 8,200 tonnes of total rare earth oxides, with commissioning and ramp-up expected to begin in 2026.
In December, Energy Fuels started production at three of its permitted and developed uranium mines in Arizona and Utah and is preparing two more mines in Colorado and Wyoming for expected production within a year.
