Sunrise Energy Metals to pursue US listing after $400M Pentagon loan

Published Aug 10, 01:34 PM UTC

Australia's Sunrise Energy Metals announced plans to pursue a U.S. listing after being awarded a $400 million loan by the Pentagon. The company's stock surged 16% in Sydney following President Trump's announcement of the loan at a roundtable with mining executives last week. The loan is part of over $2 billion in funding for companies producing batteries and critical minerals. Sunrise owns a scandium project in Australia that could become a major source of the element outside China. Scandium is used to strengthen aluminum in sectors such as aerospace. The company's chairman is Robert Friedland.