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The United States Department of War’s Office of Strategic Capital (OSC) announced today a $725 million conditional loan commitment with Energy Fuels, Inc. to scale the company’s domestic processing of rare earth elements. Together, the OSC investment and additional private capital are intended to support a new, state-of-the-art, U.S.-based rare earth separation and metallization facility.
OSC’s partnership with Energy Fuels directly advances President Trump’s mandate to secure a resilient, domestic supply chain for rare earths. Energy Fuels has historically specialized in uranium production and will now expand into rare earth separation and metallization, a highly technical midstream process that bridges the critical gap between raw extraction and permanent magnet production. The company’s increased production will directly support permanent magnet facilities across the broader U.S. industrial base and improve supply chains for other specialty defense and industrial products.
“OSC is deeply focused on supporting domestic processing for critical minerals and rare earths. Energy Fuels’ expansion into rare earth midstream processing represents a key solution to a national bottleneck that needs to be rapidly addressed. OSC’s support to Energy Fuels represents an important step in strengthening the full mine-to-magnet supply chain, specifically at the midstream stage, in the United States,” said David A. Lorch, Director of the Office of Strategic Capital and Senior Advisor to Deputy Secretary of War Steve Feinberg.
Energy Fuels currently operates a uranium processing facility and rare earth oxide separation facility located at White Mesa Mill, Utah. The conditional loan commitment between OSC and Energy Fuels specifies customary additional steps that the company must take to proceed toward financial close on the loan, including fulfilling financial, legal, technical and other due diligence requirements.
“The Office of Strategic Capital is continuing to supercharge our ability to onshore rare earth processing,” said the Honorable Emil Michael, Under Secretary of War for Research and Engineering. “This partnership drives an aggressive effort to close vulnerabilities in our industrial base and secure a resilient American supply chain for rare earth elements.”
In FY26, OSC has committed over $5 billion in debt financing and has successfully mobilized over $11 billion in total capital from the public and private sectors to support the American industrial base.
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