(March 25): Energy Fuels Inc produced a so-called heavy rare earth element for the first time at its plant in Utah, advancing efforts to build a domestic supply of critical minerals used in electronics and defence technology.
The US company said Wednesday it successfully recovered its first kilogramme of terbium oxide at the White Mesa Mill as part of a pilot project to scale production at the facility, which predominantly processes uranium. Shares of Energy Fuels gained as much as 9% in New York as of 9.52am local time.
Terbium — a heavy rare earth element — is essential to building magnets that support consumer electronics, cars and military-grade weaponry. Heavy rare earths are less abundant and typically more valuable than “light” elements such as neodymium-praseodymium. Mining companies like Energy Fuels are pushing to scale production of these metals through facilities in the US as part of the Trump administration’s effort to create a supply chain that circumvents China.
Energy Fuels, which is also the largest uranium producer in the US, recently said it had produced nearly 30kg of dysprosium, another heavy rare earth element, at the Utah mill. The company aims to expand commercial production of rare earth metals as early as 2027.
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