In a move that could deal a blow to America’s dependency on foreign nations for heavy rare earth minerals, mining and refining, specialty chemicals company Evolution Metals has announced the acquisition of massive Argentinian uranium deposits.
Evolution Metals announced recently that it had acquired a major position in UrAmerica, a UK-based private critical metals exploration company that currently owns Argentina’s largest prospective uranium deposit. Critical metals refers to minerals that are crucial to a country’s national and economic security.
Argentina is one of the most mineral-rich countries in the world. It has extensive mineral deposits of uranium, zinc, iron ore, lead, tin, manganese, silver, tungsten and copper. The United States, on the other hand, is mineral poor, Evolution Metal’s CEO David Wilcox says.
A press release from the two companies stated that they have identified in-site resources including lithium and heavy rare earth elements (REE) on several sites that may be commercially viable and have the potential to complement existing uranium operations.
This recent Evolution Metal acquisition is one significant step towards finalizing the company’s vertical integration plans, Wilcox says. He notes that several industry leaders have already commented on America’s lack of mineral resources. As such, Wilcox says, Evolution and UrAmerica are uniquely placed to reduce America’s energy sector’s dependence on foreign suppliers.
According to the press release, UrAmerica is currently in control of 59 exploration permits and mining concessions either through JV agreements or wholly owned status. Including the Central Plateau Project (CPP), which covers 145,000 hectares, UrAmerica’s assets encompass more than 221,000 hectares across the Province of Chubut’s Central Plateau. The Central Plateau Project is home to Argentina’s largest and highest-grade deposits of sedimentary-hosted uranium.
The acquisition also represents the first American foray into Argentina’s nuclear energy industry, with the sector’s main players typically being China and Russia. The move comes just months after the government of Argentina and the state-owned China National Nuclear Corporation renewed their commitment to developing the Attucha Nuclear Power Plant in Lima, Argentina. Dubbed Atucha III, the power plant would cost a whopping $8 billion to build and would have a gross generation capacity of 1200 MWe.
UrAmerica founder and CEO Omar Adra revealed that the partnership between the two companies is representative of the strategic metals alliance that is forming between the United States and Argentina. The acquisition has also granted Evolution Metal access to UrAmerica’s Meseta Central project, which covers a large portion of Chubut’s central region.
As more uranium starts being extracted in the Americas, the combined contribution to decarbonization efforts of individual companies such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) will be far greater than any single company would have attained on its own.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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