Energy Fuels' Vara Mada Project Shows Promise in Rare Earths Supply Chain

Published: Jan 15, 2026 09:34

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Energy Fuels recently released an updated feasibility study for its wholly-owned Madagascar heavy mineral sands project, Vara Mada. The report indicates that the project offers both strong economic benefits and strategic value, and is expected to positively influence the global supply chain landscape for rare earths and critical minerals.

Formerly known as the Toliara project, Vara Mada was acquired by Energy Fuels in 2024 through the purchase of Australia’s Base Resources. The project is primarily focused on monazite production—a phosphate mineral containing rare earth elements—while also holding potential for ilmenite and zircon output. According to the feasibility study, the project is expected to achieve average annual production of ilmenite (959,000 mt), zircon (66,000 mt), monazite (24,000 mt), and rutile (8,000 mt). With an initial designed mine life of 38 years, the operation has potential for extension through additional drilling and technical optimization.

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