Energy Fuels to acquire Australian Strategic Materials for $299 million

US-based Energy Fuels Inc. will acquire Australian Strategic Materials Limited in a deal that values ASM at $299 million, creating what Energy Fuels said is the largest fully integrated rare earth elements producer outside China.

The transaction combines Energy Fuels' rare earth oxide separation capabilities at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American facility, creating vertical integration from mining through metal and alloy production for automotive, defense, and energy applications, the company said in a Jan. 20 statement.

The deal addresses a persistent weakness in non-Chinese rare earth supply chains by linking upstream processing with downstream refining and conversion capabilities.

In 2025, the US relied on imports to meet 56% of its rare earth consumption, according to the US Geological Survey, with China continuing to dominate the global supply of both mined and processed rare earth elements.

"Energy Fuels is moving quickly to capture accretive opportunities, differentiate the company among our peers, and ultimately provide unique value to customers in the ex-China rare earth supply chain," Mark Chalmers, Energy Fuels CEO, said in a statement.

Energy Fuels' White Mesa Mill is the only US facility capable of separating monazite concentrates into both light and heavy rare earth oxides. ASM's Korean Metals Plant is also one of the few facilities outside China producing critical rare earth metals, including neodymium-praseodymium, dysprosium, and terbium metals, as well as specialized alloys used in permanent magnets.

Energy Fuels has been expanding in Australia. The company acquired Base Resources Limited, a mineral sands developer, in October 2024, and formed a joint venture with rare earths developer Astron Corporation in June 2024, the company said.