US announces $400m investment in Australian rare earth mine
Summary
The US Department of Defense announced a $400 million loan to an Australian company to build the world’s first main mine for scandium, a rare earth metal mostly supplied by China. This project aims to create a secure supply chain for scandium, used in defense, aerospace, and tech industries, reducing reliance on China.Key Facts
- The US Department of Defense will give a $400 million conditional loan to Sunrise Energy Metals, an Australian mining company.
- The loan supports building the first primary scandium mine in Fifield, New South Wales, Australia.
- Scandium is a rare earth metal used to strengthen aluminum, making it important for defense, planes, and data technology.
- China currently controls most of the scandium market and restricted exports for defense products last year.
- US President Donald Trump and Australian Prime Minister Anthony Albanese signed a minerals agreement to invest $1 billion each to counter China’s influence.
- Sunrise Energy Metals has a deal to sell 25% of scandium output to Lockheed Martin for defense and aerospace use.
- President Trump announced a $3 billion US government investment in various critical minerals and battery projects to boost domestic production and national security.
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