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Pentagon to Invest $560 Million in Syerston Critical Minerals Project in NSW
The loan will expand Sunrise Energy Metals’ Syerston project as the United States seeks to reduce reliance on China, Russia and Ukraine for scandium.
- On Friday, President Donald Trump announced a $US400 million loan to expand the Syerston Scandium Project in New South Wales, Australia, securing supplies of the 'increasingly critical mineral' for aerospace and defense.
- The Pentagon is backing the mine because foreign competitors control about 80 per cent of global production and nearly all processing, creating supply vulnerabilities for the United States' defense industrial base.
- Located near Fifield, the Sunrise Energy Metals venture aims to become the 'world's first primary scandium mine' and has a five-year agreement to supply Lockheed Martin with up to 15 tonnes of scandium oxide.
- Office of Strategic Capital senior managing director Peter B Zuckerman called the loan a 'decisive step toward creating a US-aligned scandium value chain,' ensuring warfighters no longer depend on adversaries for essential materials.
- Trump's announcement at a Washington State Department event is part of a broader $US3 billion investment package signaling the US intent to reclaim its place as 'the minerals superpower of the world.
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Pentagon to invest $400m in Australian rare earth mine
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 U.S. President Donald Trump and mining executives in Washington.
·Toronto, Canada
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The Pentagon has made a loan promise of 400 million dollars (346 million euros) for the construction of a Scandium-producing mine in Australia, announced Saturday the local company Sunrise Energy Metals. ...
·Brussels, Belgium
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Washington has promised financing in the form of a loan to Sunrise Energy Metals to start operating this strategic metal, announced Saturday the company.
·Paris, France
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Total News Sources15
Leaning Left6Leaning Right6Center2Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
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