Energy Fuels Acquires Australian Miner for Rare Earths Expansion

US miner Energy Fuels Inc. agreed to buy Australian Strategic Materials Ltd. in an all-stock deal valuing the critical-minerals firm at $299 million, expanding its position as a producer of rare-earth elements. Both Energy Fuels and ASM produce rare earths used in magnets, robotics, consumer electronics and defense technology. The deal, which values the Australian miner at A$1.60 ($1.80) per share, creates what Energy Fuels believes would be “the largest, fully integrated REE ‘mine-to-metal & alloy’ producer outside of China,” the buyer saidBloomberg Terminal in a Tuesday statement.