Energy Fuels Inc. announced on October 2, 2024, the completion of its acquisition of Base Resources Limited, an Australian heavy mineral sands and critical mineral company. The transaction involved the issuance of Energy Fuels shares valued at approximately US$178.4 million.
This acquisition is a pivotal step in Energy Fuels' strategy to become a leading global supplier of advanced rare earth products and titanium and zirconium minerals. It secures the world-class Toliara Project in Madagascar, which is expected to provide significant, low-cost monazite feedstock for processing at the White Mesa Mill in Utah.
The Toliara Project, along with the Bahia Project in Brazil and the Donald Project in Australia, is projected to produce up to 43,000 metric tons of monazite per year. This feedstock is anticipated to enable Energy Fuels to produce approximately 4,000 to 6,000 tonnes of separated neodymium-praseodymium (NdPr) per year, alongside other heavy rare earth elements and traditional heavy mineral sands products.
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