Energy Fuels signs MoU for rare earth oxides supply with Vulcan Elements

[neodymium is a magnetic chemical element with the symbol Nd, in solid state. It is part of the rare earth group, used in the technology industry]
RHJ

Energy Fuels (NYSE:UUUU [https://seekingalpha.com/symbol/UUUU]) +2.8% pre-market Tuesday after saying it signed a memorandum of understanding to supply [https://seekingalpha.com/pr/20211084-energy-fuels-and-vulcan-elements-join-forces-to-advance-u-s-rare-earth-magnet-security] Vulcan Elements with high-purity light and heavy rare earth oxides for production of rare earth permanent magnets, using high-purity NdPr and Dy oxides refined in Utah from minerals produced in Georgia and Florida.

Energy Fuels (NYSE:UUUU [https://seekingalpha.com/symbol/UUUU]) said it will supply initial quantities of the separated rare earth oxides to Vulcan in Q4; upon receipt, Vulcan will validate Energy Fuels' NdPr and Dy oxides for production of rare earth magnet applications, then the two companies expect to negotiate additional long-term supply agreements for NdPr and Dy oxides.

The NdPr and Dy oxides will be sourced exclusively from Energy Fuels' (UUUU [https://seekingalpha.com/symbol/UUUU]) White Mesa Mill in Utah, which is the only operating U.S. facility capable of processing monazite mineral concentrates into separated rare earth oxides; the company sources monazite concentrates from heavy mineral sand mines owned by Chemours in Florida and Georgia.

Vulcan manufactures high-performance rare earth magnets for defense and commercial applications, and operates a commercial manufacturing facility in North Carolina.

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