Pentagon Commits $400 Million to Australian Scandium Mine
The U.S. Department of Defense provided a $400 million loan to Sunrise to develop a scandium mine in Australia and reduce reliance on China.
The United States Department of Defense announced a US$400 million conditional loan commitment to Sunrise for the development of a primary scandium mine in Fifield, New South Wales. The project seeks to create a stable Western supply of scandium to counteract China's dominance in global processing and its recent restrictions on scandium exports for defense products.
This funding follows a critical minerals agreement signed in October between President Donald Trump and Prime Minister Anthony Albanese, which pledged US$1 billion toward similar strategic projects. To secure future output, Sunrise has signed a deal with Lockheed Martin to sell 25% of the mine's scandium production during its first five years of operation.
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