- Carester SAS is recognized as one of the leading global experts
on rare earth separation
- Significant experience in processing natural monazite feeds
into value-added rare earth products
- Potential to restore a fully-integrated commercial U.S. rare
earth supply chain within the next two to three years
LAKEWOOD, Colo., April 27, 2021 /PRNewswire/ - Energy Fuels
Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the
"Company") is pleased to announce that it has engaged
Carester SAS ("Carester") to prepare a scoping study for the
development of a solvent extraction ("SX") rare earth
element ("REE") separation circuit at the Company's White
Mesa Mill in Utah. Based in
Lyon, France, Carester is one of
the world's leading global consultants on rare earth supply chains,
with expertise in designing, constructing, operating and optimizing
REE production facilities globally.
Carester has been engaged to support Energy Fuels' planned
development of REE separation capabilities at the White Mesa Mill,
utilizing the Mill's existing equipment and infrastructure to the
extent applicable, to create a continuous, integrated and optimized
rare earth production sequence. Carester's scoping work will
include an evaluation of the Mill's current monazite leaching
process, preparation of an REE separation flow sheet, capital and
operating expense estimates, incorporation of new technologies
where applicable, and recommendations on equipment vendors.
On March 1, 2021, Energy Fuels and
Neo Performance Materials ("Neo") announced the joint launch
of a U.S.-Europe rare earth supply
chain. With today's announcement, the Company is now taking another
important step toward launching a fully integrated "mine to market"
U.S. rare earth supply chain in the coming years.
The Company is currently purchasing a minimum of 2,500 tons per
year of natural monazite sands ("Monazite") from Chemours'
Georgia (USA) heavy mineral sand
operations. The Company is also in the process of securing
additional supplies of Monazite from the U.S. and internationally,
with an initial goal of processing approximately 15,000 tons of
Monazite per annum for the recovery of REEs and uranium. Beginning
in late-March, Energy Fuels began ramping up processing of Monazite
at the White Mesa Mill, to produce a clean, mixed REE carbonate
("Carbonate"), an intermediate REE product ready for
separation, the next step in a fully integrated REE supply chain.
Energy Fuels intends to sell this intermediate product to an REE
separation facility in Europe
owned by Neo.
As previously announced, Energy Fuels is evaluating the
potential to produce separated REE oxides, REE metals, REE alloys,
and other value-added REE products at the White Mesa Mill (or
nearby), with the intent of creating a fully integrated U.S. REE
supply chain in the coming years. Engaging Carester to prepare a
scoping study represents the next step in Energy Fuels' development
of these capabilities.
Carester's REE separation and purification techniques utilize
proven liquid-to-liquid SX extraction processes that have been
successfully deployed around the world to produce REE products from
feeds including Monazite. Carester's team includes several
individuals with significant experience processing Monazite for the
recovery of REEs in France,
China and elsewhere. The White
Mesa Mill has utilized SX technology to produce uranium and
vanadium products since the facility was commissioned in 1980.
Therefore, the Company believes that Carester's REE extraction
processes can be incorporated into the Mill's existing
infrastructure in an efficient and cost-effective manner.
"Energy Fuels is absolutely focused on building fully integrated
rare earth supply capabilities at our White Mesa Mill in the coming
years, and we are pleased to have Carester on the team to support
our efforts," stated Mark S.
Chalmers, President and CEO of Energy Fuels. "Since we began
evaluating the potential to produce rare earth products in
late-2019, Energy Fuels has partnered with only the best global
experts at every opportunity, and the agreement with Carester is
just another example of how our Company is advancing our strategy
on the complete REE production sequence. The Carester team is
widely recognized as one of the world's foremost authorities in
producing separated rare earth oxides and other value added rare
earth products. Rare earth extraction, separation and purification
can be complex. We believe that our extensive in-house processing
experience, combined with Carester's expertise, places the Company
in an excellent position to successfully and cost-effectively help
to restore critical domestic rare earth capabilities in the
USA at the White Mesa Mill.
"As more clean energy and advanced technologies are deployed,
more rare earth products will be required. However, technologies
are only clean if every step in the supply chain from the mine to
the final consumer product is clean. An electric vehicle is not
'green' if the raw materials that go into the vehicle are not
responsibly produced. The U.S. has the highest standards for
safety, efficiency, and environmental responsibility in the world
when it comes to mining, processing, refining and manufacturing.
Energy Fuels is working towards establishing a 'clean' and 'green'
U.S. option for manufacturers who demand the highest standards in
their rare earth raw materials."
About Energy Fuels: Energy Fuels is a leading
U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. The
Company also produces vanadium from certain of its projects, as
market conditions warrant, and is in the process of ramping-up to
commercial production of REE carbonate in 2021. Its corporate
offices are in Lakewood, Colorado near Denver, and
all of its assets and employees are in the United States. Energy Fuels holds three of
America's key uranium production centers: the White Mesa Mill
in Utah, the Nichols Ranch in-situ recovery ("ISR")
Project in Wyoming, and the Alta Mesa ISR Project
in Texas. The White Mesa Mill is the only conventional uranium
mill operating in the U.S. today, has a licensed capacity of over 8
million pounds of U3O8 per year, and has
the ability to produce vanadium when market conditions warrant, as
well as REE Carbonate from various uranium-bearing ores. The
Nichols Ranch ISR Project is currently on standby and has a
licensed capacity of 2 million pounds of
U3O8 per year. The Alta Mesa ISR Project
is also currently on standby. In addition to the above production
facilities, Energy Fuels also has one of the largest NI 43-101
compliant uranium resource portfolios in the U.S. and several
uranium and uranium/vanadium mining projects on standby and in
various stages of permitting and development. The primary trading
market for Energy Fuels' common shares is the NYSE American under
the trading symbol "UUUU," and the Company's common shares are also
listed on the Toronto Stock Exchange under the trading symbol
"EFR." Energy Fuels' website
is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains
"forward-looking information" within the meaning of applicable
securities laws in the United
States and Canada. Forward-looking information may
relate to future events or future performance of Energy Fuels. All
statements in this release, other than statements of historical
facts, with respect to Energy Fuels' objectives and goals, as well
as statements with respect to its beliefs, plans, objectives,
expectations, anticipations, estimates, and intentions, are
forward-looking information. Specific forward-looking statements in
this discussion include, but are not limited to, the following:
any expectation as to the outcome of Carester's Scoping Study;
any expectation that the White Mesa Mill will be successful in
producing REE Carbonate on a commercial basis; any expectation that
Energy Fuels will be successful in developing U.S. separation,
metals or metal/alloy capabilities at the White Mesa Mill or
nearby, or otherwise fully integrating a low cost U.S REE supply
chain in the future; any expectation with regard to the cost of
producing and separating REE Carbonate at the White Mesa
Mill;. any expectation that Caresters' REE extraction
processes can be incorporated into the Mill's existing
infrastructure in an efficient and cost-effective manner; and any
expectation that Energy Fuels is establishing a 'clean' and 'green'
U.S. option for manufacturers who demand the highest standards in
their rare earth raw materials. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "continues", "forecasts", "projects", "predicts",
"intends", "anticipates" or "believes", or variations of, or the
negatives of, such words and phrases, or state that certain
actions, events or results "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. This information
involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking information. Factors that
could cause actual results to differ materially from those
anticipated in these forward-looking statements include risks
associated with: technical difficulties; processing difficulties
and upsets; commodity price levels and fluctuations; competition
from other facilities domestically and internationally; available
supplies of Monazite that meet commercial specifications; the
availability of long-term purchase and supply agreements; capital
requirements; the ability of the White Mesa Mill to produce REE
Carbonate or separated REE products that meet commercial
specifications on a commercial scale at acceptable costs; market
factors, including future demand for REEs; permitting and licensing
matters; and legal and regulatory challenges. Forward-looking
statements contained herein are made as of the date of this news
release, and Energy Fuels disclaims, other than as required by law,
any obligation to update any forward-looking statements whether as
a result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. Energy Fuels assumes no
obligation to update the information in this communication, except
as otherwise required by law.
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SOURCE Energy Fuels Inc.