Energy Fuels has completed its acquisition of Australian Strategic Materials, expanding the company’s rare earth platform into commercial metal and alloy production as it works toward a vertically integrated Western mine-to-magnet supply chain.
The transaction adds ASM’s operating Korean Metals Plant in Ochang, South Korea, along with the Dubbo critical minerals project in Australia.
Energy Fuels said the Korean facility immediately gives it commercial-scale rare earth metal and alloy production capabilities.
The Korean Metals Plant currently has approximately 1,300 tonnes per year of neodymium-iron-boron, or NdFeB, alloy production capacity.
It also has commercial metallization capabilities for neodymium-praseodymium and developing capabilities involving dysprosium and terbium.
Energy Fuels is expanding the facility to 3,600 tonnes of annual NdFeB alloy capacity, with commissioning potentially occurring as early as the end of 2026.
At that scale, the company said the facility could produce enough NdFeB alloy for more than one million electric vehicles annually.
Those capabilities complement Energy Fuels’ production and expansion programs for NdPr, terbium and dysprosium oxides at its White Mesa Mill in Utah.
Energy Fuels also plans to potentially replicate the Korean Metals Plant’s technology through a future American Metals Plant as market conditions support the investment.
The ASM acquisition extends Energy Fuels’ presence across mining, processing, rare earth oxides, metals and alloys.
The company is seeking to complete the final step into permanent magnets through its planned acquisition of Vacuumschmelze, which would extend the platform through downstream magnet production if that transaction closes.
ASM’s shares were delisted from the Australian Securities Exchange following completion of the acquisition.
KEY QUOTES:
“With ASM’s existing operating facilities, proven technical expertise, and intellectual property now a part of Energy Fuels, we have assembled commercial capabilities at all upstream and midstream stages of the rare earth permanent magnet supply chain.”
Ross Bhappu, President And CEO Of Energy Fuels
“The combination of Energy Fuels and ASM represents a major step forward in the development of a secure, diversified rare earth platform that the world increasingly needs.”
Rowena Smith, Former CEO Of Australian Strategic Materials
