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Trump, Albanese Sign $2B Minerals Pact, Fund Scandium Mine

8/10/2026

Summary

Story summary

President Donald Trump announced $400 million loan from the U.S. Department of Defense to Sunrise Energy Metals for scandium mine in Fifield, New South Wales.
Sunrise Energy Metals will sell 25 percent of mine’s scandium to Lockheed Martin for five years after China limited scandium exports for defense products in 2025.
Trump and Prime Minister Anthony Albanese signed an October 2025 minerals pact, each pledging $1 billion, making the Syerston project a supply cornerstone.

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Story summary

President Donald Trump announced $400 million loan from the U.S. Department of Defense to Sunrise Energy Metals for scandium mine in Fifield, New South Wales.
Sunrise Energy Metals will sell 25 percent of mine’s scandium to Lockheed Martin for five years after China limited scandium exports for defense products in 2025.
Trump and Prime Minister Anthony Albanese signed an October 2025 minerals pact, each pledging $1 billion, making the Syerston project a supply cornerstone.