EFR:CC - Energy Fuels buys Brazil acreage for rare earth project for $27M

Energy Fuels (NYSE:UUUU) said Thursday it will acquire 17 mineral concessions totaling more than 37K acres of land in Brazil's Bahia state for $27.5M. The company said that based on historical drilling, the Bahia Project likely holds significant quantities of heavy rare earth minerals, including monazite, that will feed its U.S.-based rare earth element supply chain. Energy Fuels (UUUU) said Bahia has not been previously mined, but several of the concessions have valid exploration and mining permits with the Brazilian government of Brazil, opening "a clear path to moving the Bahia Project to production. The company said the project has potential to supply 3K-10K metric tons/year of of monazite sand concentrate, but it will explore the property and further define and quantify the deposits over the next six months. Energy Fuels (UUUU) sports solid fundamentals, and its 40% stock price plunge in the past month is unjustified, Michael Wiggins de

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Energy Fuels buys Brazil acreage for rare earth project for $27M