Energy Fuels Inc., an American producer of uranium and rare earth elements, has received approval from the shareholders of Australian Base Resources Limited for the acquisition of the company for 375 million Australian dollars. This is reported in a press release from Energy Fuels.
The main shareholders of Base Resources overwhelmingly supported the deal with Energy Fuels at an extraordinary meeting on September 5, 2024. In addition, the deal previously received all necessary approvals from regulatory authorities, including the Kenyan regulator Competition Authority of Kenya, the Australian Foreign Investment Review Board and the Malagasy Malagasy Competition Council. As a result, all regulatory conditions for closing the transaction are considered fulfilled.
Currently, Energy Fuels is in the process of reorienting production from REE to uranium. At the same time, ore mining and underground mining at the Pinyon Plain and La Sal mines continue according to schedule and budget.
In April 2024, Energy Fuels Inc. signed a final agreement to acquire 100% of the shares of Base Resources Limited for 375 million Australian dollars as part of a stock exchange.
The deal includes the acquisition of the Toliara project for the extraction of world-class heavy mineral sands in Madagascar, including monazite, which is a source of "magnetic" REE used in electric vehicles and various types of environmentally friendly energy and advanced technologies.
Monazite production will be launched at the White Mesa Mill plant in Utah for processing into individual rare earth element oxides (REE), as well as producing a significant amount of uranium throughout the life of the project, supplementing Energy Fuels' uranium production capacity in the United States.
Energy Fuels has assets in the Chemours and Bahia projects in Brazil and intends to establish a joint venture with Astron Corporation Limited (Astron Donald Project in Australia). The acquisition of the Bahia project in February 2023 ensures the availability of low-cost monazite sands containing rare earth elements for the global market.
Energy Fuels is currently negotiating with U.S. government agencies that provide financial support to critical mining projects in the United States and abroad, which may include grants, low-interest loans, non-recourse or limited recourse loans, loan guarantees and other support mechanisms.
Energy Fuels is a producer of uranium and vanadium in the United States, as well as rare earth elements (REE), which are key factors in the production of environmentally friendly energy. In addition, the company also owns several uranium-vanadium facilities, as well as three large-scale projects that are at the stage of obtaining permits and can potentially additionally produce more than 4 million pounds of U3O8 per year. The headquarters is located in Lakewood, Colorado.
Base Resources is an Australian producer and developer of mineral sands, focused on Africa, with experience in project implementation and operational activities. The company has a Kwale facility in Kenya for the production of a number of mineral products (ilmenite, rutile and zircon) and the Toliara project in Madagascar. The headquarters is located in Perth (Western Australia).
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