Energy Fuels Inc. announced on December 5, 2024, that it has entered into a Memorandum of Understanding (MOU) with the Government of Madagascar for its Toliara titanium, zirconium, and rare earth elements project. This agreement follows the recent lifting of the project's suspension on November 28, 2024.
The MOU outlines key terms, including a 5% royalty on mining products and a commitment of US$80 million in development, community, and social project funding after Project Certification. This funding includes $30 million within 30 days of certification, $10 million after a positive Final Investment Decision (FID), and an additional $40 million by the fourth year of operations.
Energy Fuels has also committed to spending at least $1 million on community and social investments in the Atsimo Andrefana Region prior to FID, and $4 million annually thereafter. The company is updating feasibility studies for the Toliara Project and the White Mesa Mill's rare earth oxide production to reflect current economics, with an FID expected in approximately 14 months.
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