Rush to Provide Domestic Critical Minerals as Alternative to Chinese Supply - Seite 2

"All the components of our operation, construction, and production are lining up," said
James Walker, President and CEO of Ares Strategic Mining. "We have long-term plans for project and Company expansion over the coming years and anticipate becoming an important part of the US industrial landscape."

Ares successfully ran metallurgical tests using its ore through a test plant earlier this year, producing high-grade product along the way that met the specifications required by industry, all while demonstrating high recovery values.

Both international and domestic industrial manufacturers have expressed considerable interest in Ares' product and are currently in negotiations to develop contracts for future purchases of the metallurgical fluorspar lumps. These lumps are expected to principally supply the steel industries but will also feed into the ceramics and glass industries.

Other critical minerals being talked about and that are exhibited high up on the USGS list are known as Rare Earth minerals. Currently, MP Materials Corp. (NYSE:MP) owns and operates Mountain Pass, the only Rare Earth mining and processing site in North America.

MP's latest contribution to the energy transition, comes with the announcement it is set to build a US Magnet Factory in Fort Worth, Texas, and that it has entered a long-term agreement with General Motors to supply US-sourced and manufactured rare earth alloy and magnets to power more than a dozen models using GM's Ultium Platform.

The facility is set to produce NdFeB alloy and magnets with the potential to power ~500,000 EV motors per year, while a gradual production ramp is expected to begin in 2023.

"MP Materials has built an exceptional magnetics team and important commercial relationships that will accelerate our mission to restore the full rare earth supply chain to the United States," said MP Materials Chairman & CEO, James Litinsky. "This is a momentous occasion for the reshoring of the American supply chain, and we are grateful for GM's confidence, commitment and leadership."

Another company working to develop rare earths is Energy Fuels Inc. (NYSE:UUUU), which recently announced a strategic venture with Nanoscale Powders to develop innovative rare earth metal-making technology.

Energy Fuels believes the novel technology has the potential to revolutionize the rare earth metal making industry by reducing costs of production, reducing energy consumption, and significantly reducing greenhouse gas emissions.