U.S. Awards Energy Fuels $725M for Rare Earth Supply Chain Expansion

According to Sun Media, on July 13, Energy Fuels received a $725 million conditional 20-year loan from the U.S. Office of Strategic Capital to expand rare earth processing capabilities at its White Mesa facility in Utah and build new production plants for rare earth metals and alloys.

The funding supports efforts to reduce U.S. dependence on Chinese rare earth supplies and strengthen domestic critical mineral capacity. The Department of Defense has invested over $439 million in rare earth processing and magnet manufacturing over the past six years, while the Commerce Department allocated $1.6 billion to USA Rare Earth, gaining a 15% stake, to secure rare earth resources from Brazil.