Colorado-based Energy Fuels Inc. on Tuesday announced it is acquiring an Australian company that produces rare earth elements and alloys in a deal worth $299 million.

The Lakewood-based company, which described itself as a leading U.S. producer of uranium, rare earth elements and other critical materials, said its acquisition of Australian Strategic Materials would make it the “largest, fully integrated REE ‘mine-to-metal and alloy’ producer outside of China,” according to a news release announcing the deal.

The move was still subject to approval by Australian Strategic Materials’ shareholders, the Federal Court of Australia and Australia’s Foreign Investment Review Board, the company said, but would “close a critical strategic gap in global supply chains for magnet applications, including automotive, robotic, energy and defense technologies.”

“We see an opportunity to deliver an expanded suite of REE products by combining U.S. rare earth oxide production at our White Mesa processing facility in the U.S. with downstream metal and alloy manufacturing capacity at ASM’s Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China,” Mark S. Chalmers, CEO of Energy Fuels said in a news release. “ASM’s proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the U.S.”

Australian Strategic Materials planned to hold a meeting in late-May or early-June and if everything was on track the deal could be executed by late June, Energy Fuels said in a news release.