**DENVER, UNITED STATES OF AMERICA – MARCH 17, 2025**
Energy Fuels Inc. and POSCO International Corporation have signed a Memorandum of Understanding (MoU) aimed at establishing a rare earth elements (REE) supply chain that is independent of China. The collaboration seeks to provide REE supplies to automotive manufacturers in the United States, the European Union, Japan, and South Korea for use in electric vehicles (EVs) and hybrid electric vehicles (HEVs).
Energy Fuels will provide neodymium-praseodymium oxide (NdPr) from its White Mesa Mill facility in Utah to POSCO. Initial samples of Energy Fuels’ NdPr oxide have already met POSCO’s specifications. Upon successful validation, Energy Fuels has the capacity to supply sufficient NdPr oxide to power over 30,000 EVs later this year.
Energy Fuels sources monazite concentrates from mining projects in Madagascar, Australia, and Brazil. These concentrates contain a total rare earth oxide content of 50–60%, including 20–24% neodymium and praseodymium.