Sunrise Energy Metals Ltd., an Australian mining company led by billionaire Robert Friedland and backed by the US Department of War, has approved the development of the Syerston scandium mine and refinery in New South Wales.
The company said Monday that it aims to begin production in 2028. The project focuses on scandium, a rare earth element identified as important for defense, advanced manufacturing, artificial intelligence infrastructure and wireless spectrum technologies.
China currently accounts for most of the global scandium supply, making the Australian project part of efforts supported by the United States to develop alternative sources of the material.
Sources: Bloomberg Markets.