Denver-based Energy Fuels started a $104 million expansion of its White Mesa Mill in Utah to produce rare earth oxides used in automotive, robotics, energy and defense applications.
The company plans to add an annual production capacity of approximately 20 metric tons of terbium oxide and 120 metric tons of dysprosium oxide by the end of 2027. Additional circuits for samarium, europium and gadolinium oxides are scheduled for completion by the end of 2028.
President and CEO Ross Bhappu stated that heavy rare earth production is a severe pinch point in North American and European permanent magnet supply chains. The mill currently maintains the ability to produce up to 1,000 metric tons of separated neodymium-praseodymium oxide annually.
Energy Fuels expects government grants and loans to cover much of the expansion costs. The company intends to fund the equity portion through working capital, which totaled about $960 million as of March 31.
