Ares Strategic Mining (ARSMF) Secures Key Role in $3.4 Billion US DOE Project

Dec 16, 2024

Ares Strategic Mining (ARSMF, Financial), a Canadian natural resources company, announced its selection as a key subcontractor in one of six projects awarded by the U.S. Department of Energy (DOE). This $3.4 billion initiative aims to significantly enhance the production capacity of low-enriched uranium, a vital component for next-generation clean nuclear energy. Under the contract, Ares Strategic Mining will supply and develop its advanced fluorspar, essential for producing hydrofluoric acid and fluorine, crucial in uranium enrichment. The DOE's facility, valued at $3.4 billion, will remain accessible to the six main contractors and their subcontractors for up to a decade or until the funds are depleted.

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