Energy Fuels kicks off Utah rare earth expansion to boost US magnet supply

Reuters | July 29, 2026 | 7:55 am Critical Minerals Suppliers & Equipment USA Rare Earth

Energy Fuels’ White Mesa mill in Utah. Credit: Energy Fuels

Energy Fuels said on Wednesday that construction has begun to expand its White Mesa Mill in Utah to enable large-scale production of heavy rare earth oxides, for use in magnets and other critical-material applications.

“The planned expansion is designed to add the capacity to produce up to approximately 20 tpa of terbium (Tb), 120 tpa of dysprosium (Dy), 140 tpa of samarium (Sm), 20 tpa of europium (Eu),” the company said.

Terbium and dysprosium circuits are expected to be completed by the end of 2027, with the remaining circuits due by 2028-end.

According to Energy Fuels, the project is expected to have capital expenditure of about $104 million and will be funded largely through US government loans and grants, with the equity portion drawn from working capital.

Energy Fuels earlier this year announced a conditional commitment for up to $725 million in US government financing for critical-minerals processing and a planned rare earth metals and alloys facility.

In June, Energy Fuels said it will buy Germany’s Vacuumschmelze in a $1.9 billion cash-and-stock deal, alongside its pending purchase of Australian Strategic Materials.

(By Pranav Mathur; Editing by Pooja Desai)