NetworkNewsBreaks – Energy Fuels Inc. (NYSE Amer
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Posted On: 02/13/2023 4:11:21 PM
NetworkNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Completes Acquisition of the Bahia Project
Energy Fuels (NYSE American: UUUU) (TSX: EFR) today announced completion of its acquisition of 17 mineral concessions between the towns of Prado and Caravelas in the state of Bahia, Brazil, totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles). According to the announcement, closing of the “Bahia Project” followed the Brazilian Government’s approval of the transfers to Energy Fuels’ wholly owned Brazilian subsidiary Energy Fuels Brazil, Ltda. At the closing, Energy Fuels paid the mineral owners the remaining $21.9 million cash. “Energy Fuels has achieved yet another important milestone for our expanding rare earth business through our acquisition of the Bahia Project. We look forward to further defining the heavy mineral sand resource through our sonic drilling program and moving forward toward mining in the most prospective areas of the project,” said Mark S. Chalmers, president and CEO of Energy Fuels. “Using conservative development and market assumptions, we expect to receive monazite concentrates from the Bahia Project at a very low cost within the next few years. By receiving monazite feeds from a variety of sources, including mineral projects that we own, like the Bahia Project, and open market purchases, like from Chemours and others, we expect to be a low-cost U.S. producer of advanced REE materials.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Energy Fuels (NYSE American: UUUU) (TSX: EFR) today announced completion of its acquisition of 17 mineral concessions between the towns of Prado and Caravelas in the state of Bahia, Brazil, totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles). According to the announcement, closing of the “Bahia Project” followed the Brazilian Government’s approval of the transfers to Energy Fuels’ wholly owned Brazilian subsidiary Energy Fuels Brazil, Ltda. At the closing, Energy Fuels paid the mineral owners the remaining $21.9 million cash. “Energy Fuels has achieved yet another important milestone for our expanding rare earth business through our acquisition of the Bahia Project. We look forward to further defining the heavy mineral sand resource through our sonic drilling program and moving forward toward mining in the most prospective areas of the project,” said Mark S. Chalmers, president and CEO of Energy Fuels. “Using conservative development and market assumptions, we expect to receive monazite concentrates from the Bahia Project at a very low cost within the next few years. By receiving monazite feeds from a variety of sources, including mineral projects that we own, like the Bahia Project, and open market purchases, like from Chemours and others, we expect to be a low-cost U.S. producer of advanced REE materials.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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