US announces $400m investment in Australian rare earth mine

Deal aims to secure scandium supply as China restricts exports for defence products.Published On 8 Aug 20268 Aug 2026The United States Department of Defense has announced a $400m conditional loan commitment to an Australian company to build the world’s first primary mine for scandium, a critical rare earth element whose market is dominated by China.After a meeting between US President Donald Trump and mining executives in Washington, the Pentagon said in a statement on Friday that the project would “ensure Western alignment from mine to finished product”.Recommended Stories list of 3 itemslist 1 of 3Will Pakistan-Saudi-Turkiye alliance actually create a new regional order?list 2 of 3Trump shifts blame to Republicans for waning support from publiclist 3 of 3What could the Mecca defence pact mean for the US role in the Middle East?end of listAustralian mining firm Sunrise Energy Metals said in a separate statement that the proposed mine in Fifield, New South Wales, would aim to become “a cornerstone of Western scandium supply”.According to the company’s website, the “Syerston Scandium Project” will provide a “critical metal for critical technologies”, including aerospace and 5G/6G te...