Energy Fuels Inc. and Vulcan Elements announced on August 26, 2025, the signing of a Memorandum of Understanding (MOU) to collaborate on creating a resilient domestic supply chain for rare earth magnets. This partnership aims to reduce U.S. reliance on Chinese supply for critical materials.
Under the MOU, Energy Fuels will supply initial quantities of high-purity "light" (neodymium-praseodymium, NdPr) and "heavy" (dysprosium, Dy) separated rare earth oxides to Vulcan in Q4 2025 for validation. These oxides will be refined at Energy Fuels' White Mesa Mill in Utah, using monazite concentrates sourced from U.S. mines in Florida and Georgia.
Vulcan Elements, a U.S. manufacturer of high-performance rare earth permanent magnets for defense and commercial applications, will validate these oxides for magnet production. Following successful validation, both companies intend to negotiate additional long-term supply agreements for NdPr and Dy oxides, strengthening the domestic rare earth magnet supply chain.
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