Energy Fuels Renews Madagascar Mining Project

American company Energy Fuels has renewed its mining project in Aranoubé, located 45 km north of Tuléar in Madagascar. The project involves an investment of nearly $1 billion to produce monazite, a rare earth mineral. China currently controls approximately 80% of the global supply of this mineral. The project has faced multiple changes in ownership and has been suspended since 2019. The project has been under exploration since the early 2000s and was previously suspended in 2019. Energy Fuels has signed an investment agreement with the Malagasy state. The agreement includes a stability clause ensuring terms remain unchanged for the duration of the investment. It also provides access to international arbitration in the event of disputes. The specific terms of the agreement are expected to be made public.