US EditionEnergy Fuels to buy rare earths producer ASM in $300 million deal
Energy Fuels aims to create the largest integrated rare earth producer outside China by combining ASM's metals plants with its U.S. REE oxide production in a $299 million deal.
- Energy Fuels Inc. agreed to acquire Australian Strategic Materials Ltd. in an all‑stock deal valuing ASM at US$299m, with ASM shareholders receiving 0.053 Energy Fuels shares plus up to A$0.13 special dividend.
- Amid concerns that China controls most processing, Energy Fuels Inc. says the deal aims to create the largest fully integrated REE producer outside China, aligning with U.S. federal government efforts to reduce import dependence.
- ASM's directors intend to vote, or procure the voting of, all ASM shares and options they hold or control at the scheme meeting in favor of the transaction, with eligible ASM option holders receiving A$0.50 per option.
- Subject to approvals, the companies expect completion late in the first half of 2026 as the transaction is expected to close late in the first half of 2026, subject to shareholder and regulatory approvals.
- Planned White Mesa Mill expansion targets 6,000 tpa NdPr, 240 tpa Dy, and 66 tpa Tb oxides, while the AMP aims to produce 2,000 tpa alloy by leveraging ASM's KMP technology.
20 Articles
20 Articles
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US looks to Australia, DR Congo for minerals amid China restrictions
The US is looking to Australia and Africa for minerals in an attempt to sidestep Chinese restrictions. The US uranium group Energy Fuels will buy an Australian miner for $300 million, the latest deal involving the two countries since Beijing briefly placed export controls on refined rare earths last year; Washington and Canberra have also agreed to each invest $1 billion in mining projects to bolster supply chains. The Democratic Republic of Con…
US Miner Eyes Global Rare Earths Clout With Australian Deal
(Bloomberg) — US uranium miner Energy Fuels Inc. is gunning for a key role in the West’s challenge to China on rare earths, striking a $299 million takeover deal to acquire Australian Strategic Materials Ltd. and build a “mine-to-metal” supply chain for the critical commodities.
Energy Fuels Buys Australian Rare Earth Miner
U.S. uranium producer Energy Fuels has sealed a deal to acquire Australian Strategic Materials in a transaction that values the target company at over $300 million. The rare earths and critical minerals miner said the offer price represented a premium of 121% over ASM’s closing price on January 20 and a 133% premium over the Australian company’s 30-day volume-weighted average stock price. “We are already seeing it (consolidation), and we're goin…
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