The deal adds rare earth metals and alloy production capabilities in South Korea and brings ASM’s Dubbo project into Energy Fuels’ portfolio.
Energy Fuels has now reportedly completed its acquisition of Australian Strategic Materials (ASM), bringing the Australian company’s rare earth metals and alloy operations under its ownership. The transaction, completed on August 28, 2026, expands Energy Fuels’ presence beyond rare earth processing into the metals and alloys segment of the supply chain.
The deal is significant because rare earth supply chains extend well beyond mining and refining. Materials such as neodymium, praseodymium, dysprosium, and terbium are processed into metals and alloys before they can be used in permanent magnets and other advanced industrial applications.
Korean plant adds metallization and alloy capacity.
A key asset included in the acquisition is ASM’s Korean Metals Plant in Ochang, South Korea. The facility provides commercial-scale rare earth metallization and produces neodymium-iron-boron (NdFeB) alloys used in permanent magnets.
The plant currently has an annual NdFeB alloy production capacity of about 1,300 tonnes. An expansion is underway to increase capacity to 3,600 tonnes annually, with commissioning expected as early as the end of 2026. The company has said the expanded capacity could support enough alloy production for more than one million electric vehicles a year. For Energy Fuels, the addition complements its existing production and development of rare earth oxides at the White Mesa Mill in Utah.
Australia’s Dubbo project joins the portfolio.
The acquisition also gives Energy Fuels control of ASM’s Dubbo project in New South Wales. The project contains rare earth elements and other critical minerals and represents a potential long-term source of raw materials for the broader supply chain.
The transaction also adds to Energy Fuels’ interests in heavy mineral sands projects across Australia, Brazil and Madagascar, giving the company assets covering several stages of rare earth production. Rare earth elements are important for permanent magnets used in electric vehicles, robotics, electronics, renewable energy equipment and other technologies.
Energy Fuels has said it plans to use the capabilities gained through ASM as part of a broader mine-to-magnet supply chain. It is also pursuing a planned acquisition of permanent magnet manufacturer Vacuumschmelze, although that transaction remains subject to completion.
With the ASM transaction now complete, the company has added mining, processing, oxide, metal and alloy capabilities to its portfolio. ASM’s shares have also been delisted from the Australian Securities Exchange following completion of the deal.
