Lifton asserts that monazite ore is the future of the rare earths industry due to its high concentration of these valuable elements. It is now viewed as a critical resource in the global effort to reduce China's control over the market.
China currently controls approximately 90% of the global market for rare-earth oxides and metals, which are essential for manufacturing semiconductors, LEDs, lasers, and other high-tech products. These elements are also vital for electric vehicle motors, heating and cooling systems, robotics, and military applications.
Energy Fuels, the operator of the only conventional uranium mill in the United States, has developed a process to extract rare-earth oxides from monazite. The company has invested over $200 million to secure monazite assets in Brazil and Madagascar, and it plans to scale production to commercial levels at an estimated cost of $410 million.
Analysis: The development of monazite processing technologies by companies like Energy Fuels represents a significant step toward diversifying the global rare earths supply chain and reducing dependence on Chinese sources.