• Recent report forecasts REE space to see 4% CAGR through 2027
• Demand for magnets projected to increase demand for rare earth elements
• Energy Fuels is the only U.S. company producing an REE product this far down the REE supply chain

A recent Mordor Intelligence article is reporting that the global rare earth elements (“REE”) market has reached an estimated 161,354.65 tons this year, with an expected compound annual growth rate (“CAGR”) of more than 4% between now and 2027 (https://ibn.fm/6UppN). That growth could prove beneficial to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company that is also moving faster than any other company to re-establish a domestic REE supply chain.

According to Mordor, factors driving the growth of the market include high demand from emerging economies and dependency of “green technology” on rare earth elements. “Rare earth elements usually have high electrical conductivity, and they naturally occur together in minerals,” the report continued. “Rare earth elements are the strongest magnets available today. The rare earth elements market is segmented by elements, applications and geography.”

Looking closer at the demand for magnets, the report observed that magnets “stand to be one of the largest applications for rare earth elements “because they are used extensively in a wide array of industries, including electronics, automotive, power generation, medical, etc. “Magnets are used in computer hard drives, microwave power tubes, anti-lock brakes, automotive parts, disk drive motors, frictionless bearings, power generation, magnetic refrigeration, microphones and speakers, communication systems and MRI,” the report stated. “Industries, such as automotive, electronics and healthcare, have been witnessing innovation and development, driving the demand for magnets in such industries.”

According to Mordor, last year approximately 85% of automakers were using neodymium-incorporated permanent magnet motors, and there are projections that automotive demand for rare earths will rise by 25% this year alone. In addition, “magnets are used in medical equipment, such as MRI machines, pacemakers, sleep apnea machines and insulin pumps,” the report noted. “Hence, all such trends are expected to noticeably drive the demand for magnets, which is further projected to increase the demand for rare earth elements in the coming years.”

This bodes well for Energy Fuels. While maintaining its focus on being the largest U.S. producer of uranium, the company is also focused on responsibly producing the raw materials needed for the clean-energy revolution and, in 2021, began recovering REEs (https://ibn.fm/mHDnf). The effort is complementary, as the highest-value REE-bearing minerals also contain uranium and other naturally radioactive elements that need to be managed or recovered. UUUU’s White Mesa Mill in Utah is the only existing facility in North America with the licenses and capabilities to process monazite, the highest value REE mineral in the world.

Last year, Energy Fuels began commercial production of an intermediate REE product, called “mixed rare earth carbonate” that is ready for REE separation without further processing, making it the only U.S. company producing an REE product this far down the REE supply chain. The company plans to fully integrate REE production in the next two to three years. 

For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

About MissionIR

MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.

For more information, visit www.MissionIR.com

MissionIR (MIR)
Atlanta, Georgia
www.MissionIR.com
404.941.8975 Office
[email protected]

Please see full terms of use and disclaimers on the Mission Investor Relations website applicable to all content provided by MIR, wherever published or re-published: http://www.missionir.com/disclaimer.html