Pentagon to invest in Australian rare earth mine
The Pentagon has announced a $400 million conditional loan to an Australian company for the establishment of a mine for scandium production.
A remote Australian town will become a "cornerstone" of the Western supply of scandium, a rare earth needed for defense, planes and data centers, miner Sunrise Energy Metals said on Aug. 8 after a $400 million U.S. pledge.
The Pentagon announced a $400 million conditional loan commitment to Sunrise to build the world's first primary mine for scandium, of which China dominates supply and processing, at a meeting between President Donald Trump and mining executives in Washington.
Scandium is usually sourced as a byproduct of other mining.
