Curated News
By: NewsRamp Editorial Staff
August 31, 2026
Energy Fuels Completes Acquisition to Build Western Rare Earth Magnet Supply Chain
TLDR
- Energy Fuels' acquisition of ASM secures a Western rare earth supply chain edge, boosting market position.
- Energy Fuels acquired ASM, adding Korea Metals Plant with 1,300 t NdFeB capacity, expanding to 3,600 t by 2026.
- This acquisition strengthens domestic rare earth production, reducing reliance on foreign sources for clean energy tech.
- Energy Fuels now controls rare earths from mine to magnet, with ASM's Dubbo project adding long-life resources.
Impact - Why it Matters
This acquisition is pivotal for reducing Western dependence on Chinese rare earth processing. By adding metals and alloys production, Energy Fuels is creating a truly integrated supply chain from mine to magnet, which is critical for national security, clean energy transition, and technological sovereignty. This move could stabilize supply chains for essential technologies like EVs and wind turbines.
Summary
Energy Fuels Inc., a leading U.S. producer of rare earth elements and uranium, has completed its acquisition of Australian Strategic Materials (ASM), a move that significantly strengthens its position in the Western rare earth supply chain. The deal adds ASM's operating Korean Metals Plant in South Korea, which has an existing capacity of 1,300 tonnes per year of neodymium-iron-boron (NdFeB) alloy and commercial metallization capabilities for neodymium-praseodymium (NdPr). This plant is being expanded to 3,600 tonnes of annual NdFeB alloy capacity, with commissioning expected as early as the end of 2026. Additionally, ASM's Dubbo project in Australia provides a long-life resource of rare earths and other critical minerals, complementing Energy Fuels' existing projects in the U.S., Brazil, and Madagascar.
The transaction is part of Energy Fuels' broader strategy to build an integrated mine-to-magnet supply chain outside of China. The company's White Mesa Mill in Utah is already producing NdPr, terbium, and dysprosium oxides, and it is developing heavy mineral sands projects in Brazil, Australia, and Madagascar. With the addition of ASM's metals and alloys capabilities, Energy Fuels now spans the entire production chain from mining to alloys. The company also has a planned acquisition of permanent magnet manufacturer Vacuumschmelze (VAC), which would extend its reach into magnet production. Following the deal, ASM shares have been delisted from the Australian Securities Exchange. For more details, visit https://ibn.fm/Yk8Fc.
Energy Fuels is a critical materials company with a focus on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. It operates the only fully licensed conventional uranium mill in the U.S., the White Mesa Mill in Utah, and has been the top U.S. producer of natural uranium concentrate. The company is also exploring medical isotope recovery for cancer therapies. This acquisition marks a significant milestone in its quest to establish a secure, Western-based supply of rare earth magnets, which are essential for electric vehicles, wind turbines, and defense applications.
Source Statement
This curated news summary relied on content distributed by InvestorBrandNetwork (IBN). Read the original source here, Energy Fuels Completes Acquisition to Build Western Rare Earth Magnet Supply Chain
