US invests in Australian miner to cut out China | The Business | ABC NEWS
The latest Australian metals company to receive support from the US Department of War has called on the federal government to adjust its policy settings to ensure Australia better supports mining of rare earths and critical minerals.
The Pentagon will invest more than half a billion dollars to expand Sunrise Energy Metals’ Syerston Scandium project near Dubbo – which Donald Trump declared is set to become the world’s first scandium mine.
The announcement saw the company’s share price soar.
Sunrise Energy Metals’ chief executive Sam Riggall joined The Business from New York. He says while scandium is a common metal, it’s rare to find it in high concentrations in the ground, which they’ve found in New South Wales.
Scandium is used in aerospace, defence and automotive sectors.
He says the Syerston Scandium Project could “almost replace all of China’s entire supply from one mine”.
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