Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has achieved a significant milestone with the Government of Victoria, Australia, granting final regulatory approval for the Work Plan of the Donald Rare Earth and Mineral Sand Project. This approval is the last major regulatory hurdle required before construction and operation can commence, marking a pivotal step forward for the project. The joint venture with Astron Corporation allows Energy Fuels to invest up to US$136.5 million for a 49% stake in the project.
The Donald Project is set to supply rare earth mineral concentrates to Energy Fuels' White Mesa Mill in Utah, where they will be processed. This development is crucial for the U.S. as it aims to bolster its production of essential rare earth elements such as neodymium-praseodymium, terbium, and dysprosium. These elements are vital for various high-tech and renewable energy applications, including electric vehicles and wind turbines, highlighting the project's importance in reducing reliance on foreign sources of these critical materials.
For more details on the announcement, visit https://ibn.fm/oIXet.
