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Investing.com -- Energy Fuels Inc (NYSE:UUUU) stock surged 18.2% after announcing a collaboration with Vulcan Elements to create a domestic supply chain for rare earth magnets independent of China.
The companies signed a Memorandum of Understanding (MOU) under which Energy Fuels will supply initial quantities of high-purity separated rare earth oxides to Vulcan in the fourth quarter of 2025. Vulcan will validate Energy Fuels’ neodymium-praseodymium and dysprosium oxides for use in rare earth magnet production, with the intention to negotiate long-term supply agreements afterward.
The rare earth oxides will be sourced exclusively from U.S. mines, with Energy Fuels processing monazite mineral concentrates at its White Mesa Mill in Utah - the only operating U.S. facility capable of such processing. The company currently sources monazite concentrates from heavy mineral sand mines owned by The Chemours Company in Florida and Georgia.
Rare earth magnets are critical components used in satellites, robotics, AI data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, and various other applications.
"Energy Fuels and Vulcan Elements are innovative companies with similar visions of creating a secure Western rare earth magnet supply chain," said Mark S. Chalmers, CEO of Energy Fuels. "We have both proven our capacity to deliver rare earth products that meet commercial specifications at scale from American-based facilities."
Vulcan Elements currently operates a commercial manufacturing facility in Durham, North Carolina, producing magnets for both defense and commercial applications. Energy Fuels has already produced commercial-scale high-purity NdPr oxide at its Utah facility and is piloting production of "heavy" rare earth oxides.
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