Trump announces $560m critical minerals investment in tiny NSW town
The Pentagon is investing more than half a billion dollars to expand an Australian critical mineral project poised to become the world's first scandium mine.
The US Department of War has unveiled a $560 million investment into an Australian scandium project in NSW, providing it with the exclusive right to purchase the mine's output. Scandium, a vital mineral for aerospace, defense, and automotive industries, is primarily sourced from China, Russia, and Ukraine. The Syerston project, situated south-west of Dubbo, aims to become the world's first primary source of mineable, high-grade scandium.
The Pentagon's investment comes as the US seeks to secure its supply of this "increasingly critical mineral." The project's initial capacity is expected to reach 60 tonnes of scandium oxide annually, commencing production in the first half of 2028. Sunrise Energy Metals, the company behind the project, signed a five-year deal with US defense contractor Lockheed Martin, securing up to 15 tonnes of scandium oxide for its use.
The decision has been welcomed by Australian Resources Minister Madeleine King, who views it as a significant endorsement of Australia's capability to supply the US and its partners with essential critical minerals. US President Donald Trump highlighted the significance of the investment, emphasizing the US's commitment to reclaiming its position as the "minerals superpower of the world."
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