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Energy Fuels has an initial agreement with Madagascar clearing the way for a final investment decision on its $2-billion Toliara critical minerals project by early 2026.
In 2019, Madagascar suspended the Toliara project. The MOU follows the Nov. 27 news that Madagascar had moved to lift its suspension of the project. The company had bought the project this April for A$375 million . It broadens Energy Fuels’ portfolio exposure to critical minerals beyond uranium. The news prompted Gaspar to adjust his model. This added $42 million to SCP’s estimated project net present value, now $1.95 billion at an 8% discount.
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