Energy Fuels Inc. has finalized its acquisition of Australian Strategic Materials Limited, a producer of rare earth metals and alloys, adding operational scale and critical mineral assets to the company’s portfolio.
The transaction incorporates Australian Strategic Materials’ Dubbo project in Australia, which holds rare earth and other critical mineral deposits, alongside Energy Fuels’ existing uranium and heavy mineral sands projects in the western United States, Brazil, Australia, and Madagascar. The deal also brings the Korean Metals Plant in Ochang, South Korea, under Energy Fuels’ control, where current neodymium-iron-boron (NdFeB) alloy production capacity stands at 1,300 tonnes per year.
The plant’s metallization capabilities include neodymium-praseodymium processing, with ongoing development for dysprosium and terbium production. Energy Fuels plans to expand the facility’s NdFeB alloy capacity to 3,600 tonnes annually, with commissioning anticipated as early as the end of 2026. The company also intends to construct a new American Metals Plant using technology from the Korean facility, pending market conditions.
Energy Fuels’ President and CEO Ross Bhappu said the acquisition enhances the company’s commercial-scale metal and alloy production, complementing oxide output at its White Mesa Mill in Utah. Australian Strategic Materials’ former CEO Rowena Smith noted the combination advances the development of a diversified rare earth platform.
Australian Strategic Materials’ shares have been delisted from the Australian Securities Exchange following the completion of the transaction.
