SITUATION REPORT

U.S., Australia: Rare Earths Deal Advances Non-China Supply Chains, but Execution Risks Loom Large

Jan 21, 2026 | 18:09 GMT

U.S. uranium and rare earths company Energy Fuels agreed to acquire Australian Strategic Materials, or ASM, a rare earths mining and processing company, in a deal worth around $300 million paid entirely with Energy Fuels stock, the Financial Times reported on Jan. 21....

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