Energy Fuels' terbium oxide produced at the White Mesa Mill in Utah has been approved for commercial use by a major Japanese manufacturer of rare earth permanent magnets. The manufacturer, which is one of the world's largest outside China, confirmed that the material meets all necessary specifications without further validation.
Terbium is a critical component for NdFeB permanent magnets used in EV traction motors, as it enhances heat resistance and maintains coercivity at high operating temperatures. According to Benchmark Mineral Intelligence, the market price for terbium oxide is approximately $5.5 million per tonne delivered to Europe.
The company has already qualified its dysprosium and neodymium-praseodymium oxides through South Korean manufacturers. This latest approval brings Energy Fuels closer to producing a complete portfolio of rare earth oxides for permanent magnets.
Energy Fuels is pursuing acquisitions of Vacuumschmelze (VAC) and Australian Strategic Materials (ASM). The company expects these deals to establish it as the leading vertically integrated mine-to-magnet producer in the US and Europe.