Energy Fuels says it can produce six rare earths subject to Chinese export control

Published: 2025-04-17 15:39 Author: Jackson Chen

Source: MINING.COM (Original Article)

AI Analysis & Insights

Energy Fuels Claims Breakthrough in Producing Six Rare Earths Under Chinese Export Control

Summary: Energy Fuels announces it can produce six rare earth oxides subject to China's export restrictions, boosting its stock by 5.2%.

Introduction

Energy Fuels (NYSE American: UUUU) (TSX: EFR), a Colorado-based company, has announced a significant technological advancement, claiming it can now produce six of the seven rare earth oxides currently under Chinese export controls. This development comes amidst escalating trade tensions between the US and China, with shares of the company rising 5.2% to C$6.49 in Toronto, reflecting investor optimism.

Technological Breakthrough and Market Impact

Earlier this month, China imposed export restrictions on seven types of rare earth elements (REEs) in response to new US tariffs under President Donald Trump. These minerals are critical for advanced technologies and difficult to substitute, with the US heavily reliant on imports due to limited domestic production. Energy Fuels operates the White Mesa mill in Utah, the only fully licensed uranium mill in the US, and has been producing neodymium-praseodymium (NdPr) oxides commercially since last year. Notably, NdPr, used in permanent magnet motors, is currently exempt from China's export bans.

The company now asserts it has the capability to produce six other rare earth oxides—samarium, gadolinium, dysprosium, terbium, lutetium, and yttrium—all of which fall under China's export restrictions. Through lab and pilot-scale testing since 2021, Energy Fuels has leveraged the high REE content in monazite, a byproduct of US heavy mineral sands mines. CEO Mark Chalmers stated, "We now have the data, knowledge, and much of the infrastructure in place to produce 'light', 'mid', and 'heavy' rare earth oxides at scale at the White Mesa mill."

Expansion Plans and Challenges

Energy Fuels is planning a significant expansion of its White Mesa mill, aiming to increase monazite concentrate processing capacity from 10,000 to 60,000 tonnes per year. While the company claims to have secured decades of monazite supply, domestic production from US mineral sands mines is not expected until 2028, meaning reliance on third-party suppliers in the interim. The company is also updating its 2024 prefeasibility study to a full feasibility study to incorporate this expansion.

Analysis and Skepticism

While this announcement positions Energy Fuels as a potential key player in reducing US dependence on Chinese rare earths, several questions remain. The scalability of producing these six oxides at a commercial level is unproven, as current claims are based on lab and pilot-scale testing. Additionally, the reliance on third-party monazite supply until 2028 introduces supply chain risks, especially in a geopolitically charged environment. The financial and logistical feasibility of the sixfold capacity expansion also warrants scrutiny, as such projects often face delays and cost overruns.

Nevertheless, if Energy Fuels can deliver on its promises, it could significantly bolster US strategic interests by diversifying rare earth supply chains. This development is a step toward mitigating the impact of China's export controls, though it is not a complete solution to the broader challenge of REE dependency.

Conclusion:

Energy Fuels’ claim to produce six rare earth oxides under Chinese export control is a promising development for US strategic interests, but its commercial viability and supply chain challenges remain to be proven. As the company moves toward expanding capacity at White Mesa, close monitoring of its progress will be essential to assess its potential impact on the global rare earth market.

Energy Fuels 声称突破技术，可生产六种受中国出口管制的稀土

摘要: Energy Fuels 宣布其技术可生产六种受中国出口限制的稀土氧化物，公司股价上涨5.2%。

引言

总部位于科罗拉多的Energy Fuels（NYSE American: UUUU）（TSX: EFR）宣布了一项重大技术突破，称其现已具备生产六种受中国出口管制的稀土氧化物的能力。这一消息正值中美贸易紧张局势升级之际，公司股价在多伦多市场上涨5.2%，报每股6.49加元，反映了投资者的乐观情绪。

技术突破与市场影响

本月初，中国针对美国总统特朗普新加征的关税，对七种稀土元素（REE）实施了出口限制。这些矿物对尖端技术至关重要且难以替代，而美国由于国内生产有限，高度依赖进口。Energy Fuels 在犹他州运营的White Mesa工厂是美国唯一完全获得许可的铀加工厂，并自去年起开始商业化生产钕-镨（NdPr）氧化物。值得注意的是，钕和镨用于制造永磁电机，目前暂未被列入中国的出口禁令。

公司现声称有能力生产另外六种稀土氧化物——钐、钆、镝、铽、镥和钇，这些均受中国出口管制。自2021年以来，通过实验室和试点规模的测试，Energy Fuels 利用美国重矿砂矿副产品独居石中的高稀土含量开发了相关技术。首席执行官马克·查尔默斯表示：“我们现在拥有数据、知识以及大部分基础设施，可以在White Mesa工厂大规模生产‘轻型’、‘中型’和‘重型’稀土氧化物。”

扩产计划与挑战

Energy Fuels 计划大幅扩建White Mesa工厂，将独居石精矿处理能力从每年1万吨提升至6万吨。尽管公司声称已确保数十年的独居石供应，但美国国内矿砂矿的生产预计要到2028年才能启动，这意味着在此之前需依赖第三方供应商。公司目前正在将2024年的预可行性研究更新为全面可行性研究，以纳入这一扩产计划。

分析与质疑

尽管这一声明将Energy Fuels 定位为减少美国对中国稀土依赖的潜在关键参与者，但仍存在诸多疑问。目前对这六种氧化物商业化生产能力的声明仅基于实验室和试点测试，其可扩展性尚未得到验证。此外，在2028年之前依赖第三方独居石供应引入了供应链风险，尤其是在当前地缘政治紧张的环境下。六倍产能扩建的财务和物流可行性也值得审视，此类项目往往面临延误和成本超支。

尽管如此，如果Energy Fuels 能兑现承诺，其可能显著增强美国的战略利益，通过多元化稀土供应链减轻中国出口管制的影响。然而，这并非解决稀土依赖这一更大挑战的完全解决方案。

结论:

Energy Fuels 声称能生产六种受中国出口管制的稀土氧化物，这对美国的战略利益而言是一个充满希望的发展，但其商业可行性和供应链挑战仍有待验证。随着公司在White Mesa工厂扩产计划的推进，密切关注其进展将至关重要，以评估其对全球稀土市场的潜在影响。