Billionaire Robert Friedland's Australian miner, Sunrise Energy Metals Ltd., has given the go-ahead for a major rare earths project. The Syerston scandium mine and refinery in New South Wales aims to start production in 2028. Scandium is critical to defense, advanced manufacturing, artificial intelligence infrastructure and wireless spectrum technologies, with most supply currently coming from China.
Since the imposition of Chinese critical minerals export controls in 2025, scandium supply to key western markets has all but ceased, reinforcing the strategic importance of developing diversified sources. The US and other major economies are seeking to secure supplies of critical minerals essential to advanced technologies to reduce reliance on China's dominant position across global supply chains. Sunrise has secured up to $400 million in long-term debt funding from the US Department of Defense.
The Syerston project hosts one of the world's largest and highest-grade mineable scandium deposits. Company plans initial production of 60 tons per year, an amount that could eventually triple.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing