The U.S. government entered into a conditional $725 million loan agreement with Energy Fuels to grow domestic rare earth throughput and reduce dependence on China. The company intends to expand its rare earth capabilities beyond uranium production and into allow metals separation & metallization which are necessary in the manufacture of permanent magnets Such magnets are part of electric vehicles, wind turbines as well as hard drives and MRI machines. The move by comes with nations ramping up investments in rare earth supply chains after Chinese export curbs. The funding is still conditional on meeting its financial, legal and technical due diligence obligations.
ENERGY
Australia’s Woodside Takes Control of Texas Ammonia Plant
Australian energy company Woodside has assumed full operational control of its Beaumont New Ammonia facility in Texas, following the completion of performance testing and handover from OCI Global. The plant can produce up to 1.1 million tonnes of ammonia a year and has already signed supply deals with global customers. Woodside paid the final portion of its $2.35 billion purchase price on handover. Production of lower-carbon ammonia has been delayed beyond 2026 due to construction issues at a connected facility. For Australian investors, the plant is now open for business and generating revenue
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