11:53 AM EDT, 06/10/2024 (MT Newswires) -- Energy Fuels ( UUUU ) was last seen up 4.9% after the company on Monday said commercial production of separated rare earths is underway at its White Mesa mill in Utah.

The company said it is producing separated neodymium-praseodymium (NdPr) at the mill, meeting the specifications of rare-earths metals producers making alloys used in magnets for motors in electric vehicles and other uses. The White Mesa mill can produce 850 to 1,000 tonnes of NdPr annually, refining monazite ore produced by the Chemours Company in Florida and Georgia, Energy Fuels ( UUUU ) said, adding that it expects to begin commercial quantities of the rare-earth elements by month's end.

"Energy Fuels ( UUUU ) can confirm the return of separated rare earth production from monazite back to the United States after a multi-decade absence, in addition to the return of technological know-how and expertise in this extremely important field that is critical to national and economic security," chief executive Mark Chalmers said in a release.

The company, which also processes uranium and vanadium, is considering expanding the mill to produce 4,000 to 6,000 tonnes of NdPr annually. The capacity to produce dysprosium and terbium might also be boosted.

Energy Fuels ( UUUU ) shares were last seen up $0.40 to $8.53 on the Toronto Stock Exchanger.

Price: 8.53, Change: +0.40, Percent Change: +4.92