According to the company, the transaction would create the largest producer outside China covering the full mine-to-metal supply chain.
Energy Fuels, a U.S. producer of uranium and rare earth elements, plans to acquire the Australian mining company Australian Strategic Materials (ASM). The transaction is valued at approximately US$300 million.
ASM operates a facility in South Korea that produces rare earth metals and alloys, and a second facility of this kind is planned in the United States. Both are set to be integrated with Energy Fuels’ White Mesa facility in Utah, where, in addition to uranium, rare earth oxides are produced. In June 2025, production of heavy rare earths began at White Mesa, a resource in particularly high demand for both civilian and military applications.
Through the acquisition, Energy Fuels aims to create the largest producer outside China that spans the entire mine-to-metal value chain. As many countries seek to reduce their import dependence on China, the company intends to fill a critical gap in global supply chains. To date, the refining of heavy rare earths as well as their conversion into metals and alloys has been carried out almost exclusively in China.
Feedstock to Come from Australia, Madagascar, and Brazil
The raw material for the planned value chain is expected to come from multiple sources. In addition to ASM’s Dubbo rare earth project in New South Wales, Australia, this includes deposits developed by Energy Fuels—some in partnership—such as Donald in Victoria, Australia, Vara Mada (formerly Toliara) in Madagascar, and Bahia in Brazil. These are primarily deposits where rare earths are extracted from monazite sands.
Back in April 2024, Energy Fuels announced its ambition to become a “global leader” in the rare earth industry. At that time, it also acquired Base Resources, an Australian rare earth company, integrating its Madagascar project into Energy Fuels’ supply chain.
More on Western supply chains: A few months ago, Less Common Metals—one of the few producers of rare earth metals and alloys outside China—was acquired by a U.S. company (as previously reported). Our background article provides a brief overview of other key players along the Western supply chains for heavy rare earths.
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