Energy Fuels will acquire Vacuumschmelze GmbH for about $1.9 billion, creating a fully integrated rare earth supply chain from mine to magnet. The purchase aligns with Western efforts to lessen reliance on China for materials used in EVs, defense and advanced technology.
The purchase links Energy Fuels' existing rare earth mining and processing assets with VAC's magnet production expertise.
China dominates global rare earth mining, processing and magnet manufacturing.
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