Energy Fuels (ASX:EF2) completed its acquisition of Australian Strategic Materials, a producer of rare-earth element metals and alloys, according to a statement filed with the Australian bourse on Monday.

The deal gives Energy Fuels commercial-scale metal and alloy production capacity through Australian Strategic Materials' operating Korean Metals Plant in South Korea, per the filing.

The acquisition adds 1,300 tonnes per year of existing neodymium-iron-boron alloy production capacity at the Korean Metals Plant, as well as existing commercial metallization capabilities for neodymium-praseodymium, and developing metallization capabilities for dysprosium and terbium, Energy Fuels said.

The plant is being expanded to increase neodymium-iron-boron alloy capacity to 3,600 tonnes per year and is expected to be commissioned as soon as the end of the year.

Australian Strategic Materials' shares has been delisted from the Australian stock exchange.