US Department of War offers $400M conditional loan to Sunrise Energy Metals for world's first primary scandium mine

Published Aug 8, 12:22 AM UTC

The US Department of War's Office of Strategic Capital announced a $400 million conditional loan 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 and dominated by China. The loan includes a right of first offer on output for US defense companies. The article also notes controversy around Bloom Energy, the West's largest scandium consumer, which has been accused of sourcing Chinese scandium oxide via intermediaries. The Syerston project is designed to produce 60 tonnes annually, while global production was about 80 tonnes in 2025.