Former Critical Minerals Leader from General Motors Joins Energy Fuels to Advance Rare Earth Business; Separated NdPr Now Being Packaged at Energy Fuels'; White Mesa Mill
Energy Fuels has appointed Debra Bennethum as Director, Critical Minerals & Strategic Supply Chain to advance its rare earth elements (REEs) business. Bennethum, a former GM executive, brings extensive experience in EV supply chains and will be instrumental in Energy Fuels' REE sales and marketing strategies. Additionally, Energy Fuels has commenced commercial production of separated neodymium-praseodymium (NdPr) at its White Mesa Mill, with plans to produce 25-35 tonnes in Q2 2024. The company also aims to scale its 'heavy' REE concentrate, including dysprosium and terbium, for future commercial separation.
- Appointment of Debra Bennethum, an experienced critical minerals executive from GM.
- Commercial production of separated NdPr at White Mesa Mill, demonstrating operational progress.
- Targeted production of 25-35 tonnes of 'on spec' separated NdPr in Q2 2024.
- Plan to produce heavy REE concentrate for future commercial separation.
- Bennethum's extensive network and experience in the EV sector expected to benefit REE sales and marketing.
- Focus on REE production may shift after Q2 2024, potentially affecting REE output consistency.
- No immediate revenue impact from the new REE production disclosed.
The addition of Debra Bennethum to Energy Fuels’ management team could significantly enhance the company's strategic positioning in the rare earth elements (REE) market. Her extensive background with General Motors, especially in securing resilient EV critical minerals supply chains, can be instrumental in expanding Energy Fuels' market reach and operational efficiency. The commercial production of 'on spec' separated rare earth elements at the White Mesa Mill indicates progress in the company's strategic goals. Investors should note the potential increase in revenue streams from NdPr production, which can contribute positively to the company’s bottom line.
However, the dependency on government funding and support could introduce some volatility in the company's revenue projections. While the production capabilities and strategic hires are promising, the long-term sustainability of these initiatives will depend on market demand for rare earth elements, especially from the automotive and renewable energy sectors.
From a market perspective, Energy Fuels' move into commercial production of separated NdPr at one of the largest REE separation circuits outside China is noteworthy. This development positions the company to potentially capitalize on growing demand for rare earth elements, particularly in the EV and renewable energy sectors. Investors should keep an eye on the short-term production targets—25 to 35 tonnes of 'on spec' separated NdPr in Q2-2024—which could serve as an indicator of the company's production efficiency and market responsiveness.
Moreover, the ongoing production of heavy REE concentrate during the current campaign diversifies the company’s product offerings. This diversification can reduce risks associated with market fluctuations specific to NdPr. However, the success of pilot-scale test work for future Dy and Tb separation will be critical in assessing the long-term viability of these initiatives.
Energy Fuels believes Ms. Bennethum's experience at General Motors will provide Energy Fuels with invaluable insight and experience to fill a critical role in the Company's REE sales and marketing enterprises, including cultivating relationships with original equipment manufacturer ("OEM") and other customers, negotiating supply, offtake and/or other agreements for the Company's REE products, evaluating REE collaborations in metal-making, alloying, and/or magnet-making, and assisting in evaluating, and potentially pursuing, government funding and other support.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
"I would like to personally welcome Debra Bennethum to the Energy Fuels team. Ms. Bennethum brings a wealth of knowledge and relationships in EV and automotive supply chains to advance Energy Fuels'
FINISHED AND PACKAGED SEPARATED NDPR AT ENERGY FUELS' WHITE
As previously announced on June 10, 2024, Energy Fuels has achieved commercial production of 'on spec' separated rare earth elements at its
The Mill has begun drying and packaging separated NdPr, which is expected to continue through the end of the quarter. As previously announced, the Company expects to produce roughly 25 to 35 tonnes of 'on spec' separated NdPr in Q2-2024, before shifting operations to processing inventoried uranium ores and alternate feed materials for the remainder of the year. During the current REE campaign, the Mill will also produce a "heavy" REE concentrate, containing roughly 1,500 kilograms of dysprosium ("Dy") and 400 kilograms of terbium ("Tb"). The Company plans to utilize all or a portion of this "heavy" REE concentrate for pilot-scale test work to design, permit and construct commercial Dy, Tb and potentially other REE separation at the Mill in the coming years.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable
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SOURCE Energy Fuels Inc.
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