Energy Fuels rare earths BFS: capex, NPV and supply role for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Energy Fuels’ bankable feasibility study for its White Mesa mill in Utah projects stage-two circuit expansion to more than 7,500 tonnes per year of separated light and heavy rare earth products over a 40-year life, plus 198,000 lb. of uranium annually from the Pinyon Plain and La Sal mines. The project carries a post-tax NPV of US$1.9 billion and 33% IRR at US$410 million initial capex, with feedstock sourced from Astron’s Donald project in Victoria and Chemours’ Florida and Georgia operations. Benchmark data cited by the company suggest the expanded mill could meet 45% of US near-term rare earth demand and all heavy rare earth needs by 2030, positioning it alongside Lynas in non-Chinese separation capacity.
Technical Brief
- Stage-two circuit is a bankable feasibility study (BFS) design, not yet committed for construction.
- White Mesa is currently the only operating conventional uranium mill in the United States.
- It is also the only US plant presently capable of processing both light and heavy rare earths.
- Mill lies about 500 km south-east of Salt Lake City, implying long overland logistics for feedstock.
- Uranium feed is planned from Energy Fuels’ Pinyon Plain (Arizona) and La Sal (Utah) underground mines.
- Benchmark Mineral Intelligence demand forecasts underpin the market sizing used for the BFS assumptions.
Our Take
Within our 47 keyword-matched pieces on rare earths and uranium, White Mesa in Utah stands out as one of the few Western assets combining uranium and rare earth elements at scale, which could give Energy Fuels more optionality than single-commodity peers like Lynas Rare Earths’ Mount Weld or MP Materials’ Mountain Pass.
The 33% after-tax IRR on the White Mesa stage-two circuit, off an initial US$410 million capex, signals a relatively robust cost position that may pressure higher-cost Western rare earth projects in Australia and California when competing for offtake from OEMs such as BMW.
Linking the White Mesa expansion with feed from Astron’s Vara Mada project in Madagascar to reach a combined US$3.7 billion NPV suggests a strategic pivot towards a more globally diversified rare earths supply chain anchored in North America, rather than relying solely on US or Australian ore sources.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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