Energy Fuels Inc. said it has completed the acquisition of Australian Strategic Materials Limited, a developer of rare earth metals and alloys, in a deal that adds commercial-scale production capacity to the U.S. company’s operations.
The transaction, whose financial terms were not disclosed, resulted in the delisting of Australian Strategic Materials’ shares from the Australian Securities Exchange. Energy Fuels, headquartered in Denver, now holds the Korean Metals Plant in Ochang, South Korea, which currently produces 1,300 tonnes per year of neodymium-iron-boron (NdFeB) alloys.
The South Korean facility also provides metallization capabilities for neodymium-praseodymium and is developing similar processes for dysprosium and terbium. Energy Fuels plans to expand the plant’s NdFeB alloy capacity to 3,600 tonnes annually, with commissioning expected as early as the end of 2026.
The acquisition includes Australian Strategic Materials’ Dubbo project in Australia, which contains rare earth elements and other critical minerals. Energy Fuels said the deal complements its existing oxide production at the White Mesa Mill in Utah, as well as its uranium and heavy mineral sands projects in the United States, Brazil, Australia, and Madagascar.
Energy Fuels also confirmed plans to acquire German permanent magnet manufacturer Vacuumschmelze, though that transaction remains pending. Ross Bhappu, President and CEO of Energy Fuels, said the acquisition strengthens the company’s position in the rare earth metals supply chain by adding scalable metal and alloy production capacity. Rowena Smith, former CEO of Australian Strategic Materials, said the combination advances the development of a diversified rare earth platform.
