Found Industries and ARES Strategic Mining Sign MOU for Gallium, Germanium Recovery in Utah
Found Industries and ARES Strategic Mining have signed an MOU to examine the recovery of gallium, germanium, and fluorspar from the Lost Sheep Mine in Utah. This partnership aligns with the urgent need for secure North American supply chains for critical materials essential to various high-tech industries.
Theia Market Signal Identification - AI AssistedFound Industries and ARES Strategic Mining have initiated a Memorandum of Understanding to assess the recovery of gallium, germanium, and fluorspar from the Lost Sheep Mine in Utah. The mine, comprising 353 claims over approximately 5,982 acres, is the only permitted fluorspar mine in the U.S.
Notably, ARES has secured a five-year contract with the U.S. Department of Defense valued at up to $250 million. Found will evaluate its Direct Feedstock Extraction technology to potentially recover critical metals, focusing on technical evaluations and process integration in the initial phase.
The collaboration represents a strategic shift in processing technology for critical metals, which are increasingly vital for semiconductor and advanced manufacturing sectors. This MOU may enhance domestic mineral supply resilience.
Comments