By Adriano Marchese
Energy Fuels has signed a preliminary agreement with South Korea's Posco International to consider a rare-earths material supply chain for electric vehicles and hybrid EV drivetrains for automakers outside of China.
The dual Toronto, New York-listed uranium and rare earths elements producer said Monday that the two companies have signed a strategic memorandum of understanding that sets out the principal terms of a collaboration between them.
Energy Fuels said that if the agreement is successful, it could pave the way for a new non-China rare earth elements supply chain for U.S., EU, Japanese and South Korean car manufacturers.
Under the MOU, Energy Fuels will supply a larger scale sample of neodymium-praseodymium oxide, produced at its White Mesa Mill in Utah, which Posco will process into finished high-performance permanent magnets to be used in traction motor cores.
Once the sample has been successfully validated, the two companies will consider delivery of additional mass production and delivery of the rare earth elements.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 17, 2025 07:36 ET (11:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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