Astron Secures Government Approval for Rare Earth Exports to US; Shares Fall 6%

MT Newswires Live

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Astron (ASX:ATR) has secured Australian Government approval to export rare earth element concentrate (REEC) from its Donald rare earth and mineral sands project in Victoria to the US, according to a Tuesday filing with the Australian bourse.

The company's joint venture (JV) partner in the Donald project, Energy Fuels, has the right under the JV agreement to purchase 100% of Donald's REEC for processing into rare earth oxides at its White Mesa Mill in Utah, per the filing.

The concentrate contains valuable heavy rare earths, including 0.4% terbium oxide and 2.7% dysprosium oxide, both of which are essential for producing high-performance permanent magnets, the filing said.

The company and Energy Fuels continue to advance phase one project financing, with a final investment decision targeted for the third quarter, the filing added.

The company's shares fell 6% in recent Tuesday trade.

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