Australian Strategic Materials Limited

Energy Fuels is advancing its rare earth supply chain integration with the proposed acquisition of Australian Strategic Materials Limited (ASM), adding direct metallization and alloying capabilities. This move positions Energy Fuels to become the largest fully-integrated rare earth “mine-to-metal & alloy” producer outside China, meeting critical rare earth magnet supply chain needs for sectors including automotive, drones, robotics, energy, and defense.

The transaction will combine ASM’s currently operating Korean Metals Plant (KMP) and its planned American Metals Plant (AMP) with Energy Fuels’ existing REE oxide capability at its White Mesa Mill in Utah for greater vertical integration throughout the supply chain. ASM’s Korean Metals Plant is among the few non-Chinese facilities currently producing REE metals and alloys, offering the world a western allied option within the production of rare earth magnets.

Through increased vertical integration and margin capture, the company is positioned to expand market share throughout the REE value chain. This approach allows flexibility to sell REE products to end-users at various stages and helps address a significant vulnerability in ex-China REE supply chains: the lack of downstream refining and conversion capacity. The transaction will enable a wider product range—including REE oxides, metals, and alloys—serving customers across the U.S., Asia, and Europe.

ASM website: https://asm-au.com/