Sunrise Energy Metals gets $400M conditional US loan for world's first primary scandium mine

Published Aug 8, 12:22 AM UTC

The US Department of War's Office of Strategic Capital has announced a $400 million conditional loan commitment to Sunrise Energy Metals to develop the Syerston scandium project in New South Wales, Australia. Backed by mining billionaire Robert Friedland, the project aims to become the world's first primary mine source of scandium, which is currently only produced as a byproduct. The loan includes a right of first offer on output for US defense companies. The article also notes that Bloom Energy, the West's largest scandium consumer, has been accused by short-seller Hunterbrook Media of sourcing Chinese scandium oxide via intermediaries, a claim Bloom denies. Global scandium production was about 80 tonnes in 2025, while Syerston is designed to produce 60 tonnes annually.