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“This is a transformational moment for Energy Fuels and the global rare earth supply chain,” said Ross Bhappu, president and chief executive of Energy Fuels.
VAC is a leading producer of magnets and magnetic materials. The company produces sintered neodymium-iron-boron permanent magnets (NdFeB), as well as samarium-cobalt (SmCo) magnets.
“For over a century, VAC has been at the forefront of advanced magnetics and pioneering critical materials,” said Erik Eschen, chief executive of VAC.
Energy Fuels received a $725 million conditional loan from the US government on June 18 to support a US-based rare earths separation and metallization facility as well as processing at the company’s White Mesa, Utah, Mill.
E-Vac Magnetics, the US subsidiary of German magnet manufacturer VAC Group, announced in December 2025 that it had shipped its first commercially produced neodymium-iron-boron (NdFeB) permanent magnets from its facility in the southeastern state of South Carolina.
On April 4, China imposed export controls on crucial additives for high-temperature NdFeB magnets – products made from heavy rare earths dysprosium and terbium. Export controls were also put in place on all finished magnets containing heavy rare earths and five other heavy rare earth elements.A second round of export controls was announced on October 9 for all the heavy rare earth elements not covered in the first round, including holmium, which can be used as a substitute for dysprosium in some magnet applications. These restrictions are due to come into force on November 8.
Export controls have resulted in severe shortages of heavy rare earth materials and high-performance rare earth magnets.
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