Energy Fuels targets uranium and rare earths in southern Bahia

Canadian company Energy Fuels, the largest uranium producer in the United States, is planning mining exploration in southern Bahia, Brazil. The company holds 19 mining titles covering approximately 16,970 hectares across the municipalities of Nova Viçosa, Caravelas, Alcobaça, and Prado.

While official filings with the National Mining Agency (ANM) primarily list titanium, ilmenite, and cassiterite, Energy Fuels has informed international markets and the U.S. Securities and Exchange Commission (SEC) that its primary interests are monazite and uranium. Monazite is a mineral that contains rare earth elements and can also contain uranium.

The proposed project area includes ecologically sensitive zones, such as the Abrolhos Marine National Park, a sanctuary for humpback whales, as well as indigenous lands, traditional fishing communities, and tourist destinations like Cumuruxatiba. Concerns regarding soil and water contamination have led the NGO Centro de Estudos e Conservação da Natureza (Cecna) to notify the Federal Public Ministry (MPF).

Energy Fuels acquired 17 of these titles from the Brazilian firm G4 Esmeralda in 2022 for $27 million. The company stated that the project is in its initial stages and that it intends to comply with all applicable legislation.