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Investing.com -- Energy Fuels (NYSE American:UUUU) (TSX:EFR) stock rose 4% Tuesday after the company announced that its U.S.-mined and processed rare earth elements have been successfully manufactured into permanent magnets for use in electric vehicles and hybrids.
The company reported that high-purity neodymium-praseodymium (NdPr) oxide produced at its White Mesa Mill in Utah has passed all quality assurance benchmarks for use in EV drive unit motors. The material was manufactured into commercial-scale rare earth permanent magnets by South Korea’s largest manufacturer of drive unit motor cores.
This development represents a significant milestone in establishing a China-independent "mine-to-magnet" supply chain using rare earth oxides produced in the United States. The NdPr oxide has been qualified for use in high-temperature drive units installed in EVs and hybrid vehicles manufactured by major automotive companies across North America, Europe, Japan, and Korea.
"We are excited to announce that rare earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon, representing a major achievement in restoring domestic critical mineral supply chains," said Mark S. Chalmers, CEO of Energy Fuels .
The 1.2 metric tonnes of NdPr oxide supplied by Energy Fuels was processed into approximately 3.0 metric tonnes of rare earth permanent magnets, enough to power approximately 1,500 new electric and hybrid vehicles. Drive units using Energy Fuels’ NdPr oxide are expected to be installed in new vehicles within the next few months.
The rare earth oxides were derived from monazite concentrates mined in Florida and Georgia at heavy mineral sand operations owned by The Chemours Company and processed at Energy Fuels’ White Mesa Mill in Utah, currently the only facility in North America licensed and capable of producing high-purity rare earth oxides from monazite.
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