A Strategic Investment Underway

The Base Toliara mining project is progressing at a steady pace, particularly in the context of negotiations between Energy Fuels and the Malagasy government.

Mark S. Chalmers, the company’s Chairman and CEO, confirmed this progress in an interview with Crux Investor. He highlighted the close collaboration between Energy Fuels’ lawyers and the Malagasy authorities to finalize the legal documents for the recently signed Memorandum of Understanding.

Following the lifting of the project suspension, the American company is focusing on legal aspects and anticipates a final investment decision within 14 months. In the meantime, development activities are gradually resuming. To date, the company has already invested USD 700 million in this initiative, which anticipates annual production of 800,000 tons of ilmenite and 60,000 tons of zircon over a period of more than 30 years.

This strategic project aims to strengthen Energy Fuels’ presence in the mining sector and support the economic development of the Big Island. To support this momentum, a meeting took place in Washington between Lantosoa Rakotomalala, Madagascar’s Ambassador to the United States, and the company’s CEO.