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Energy Fuels Inc.
EFR · XTSE · Uranium · United States
Energy Fuels Inc. is a leading U.S.-based critical minerals company specializing in uranium production for clean, emission-free nuclear energy, alongside emerging leadership in rare earth oxides and other strategic materials. Headquartered in Lakewood, Colorado, and founded in 1987, the company operates the White Mesa Mill in Utah—the only active conventional uranium mill in the U.S.—and several uranium projects including the Pinyon Plain Mine and La Sal Complex. It produces natural uranium concentrates (U3O8), high-purity neodymium-praseodymium (NdPr) rare earth oxides from monazite feedstock, titanium and zirconium-bearing heavy mineral sands like rutile, ilmenite, and zircon, vanadium pentoxide for steel and batteries, and explores medical isotopes for cancer treatments. Energy Fuels supports integrated U.S. supply chains for nuclear fuel, advanced technologies, defense, and industrial applications through its domestic assets and global heavy mineral sand developments such as the Donald, Bahia, and Toliara projects. As the primary U.S. uranium producer, it plays a pivotal role in securing critical mineral independence.
Industry
Uranium
Energy sector · United States
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This company does not currently pay dividends.
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Supply Chain
Nuclear Energy Supply Chain
The nuclear energy supply chain is shaped by three structural constraints that most industries never encounter: regulatory and licensing timelines that stretch beyond a decade before a reactor generates a single watt, a fuel cycle where each step — mining, conversion, enrichment, fabrication — is restricted by both physics and international treaty, and a decommissioning obligation embedded from the moment a plant is approved, binding operators to costs that extend decades beyond the last kilowatt-hour sold.
Uranium Supply Chain
The uranium supply chain is shaped by three structural constraints that interact to create one of the most politically and technically constricted commodity systems on earth: enrichment capacity is concentrated in a handful of state-affiliated facilities worldwide, and the centrifuge technology is dual-use with weapons, making it the most geopolitically constrained chokepoint in any commodity chain; the mine-to-reactor pathway requires uranium to pass through five discrete transformation stages — mining, milling, conversion, enrichment, and fuel fabrication — each with qualification barriers and few participants; and for decades, secondary supply from dismantled nuclear warheads masked chronic underinvestment in primary mining, creating a structural illusion of adequacy that began to unravel when the Megatons to Megawatts program ended in 2013.