Astron and Energy Fuels secure A$180 million for Donald rare earths project

The Donald Rare Earth and Mineral Sands Project in Victoria, Australia, has received conditional approval for up to A$180 million in federal financing. The funding, part of a proposed A$200 million project finance facility, includes up to A$110 million in senior debt from the National Reconstruction Fund Corporation (NRFC) and up to A$70 million from Export Finance Australia (EFA).

The project is a joint venture between Australian company Astron and US-based Energy Fuels. It aims to develop one of the world’s largest rare earths resources, producing light and heavy rare earths essential for high-performance magnets, electronics, defence systems, and clean energy technologies. Under the agreement, Energy Fuels has the right to purchase and process the rare earth element concentrate at its White Mesa Mill in Utah, supporting an integrated supply chain between Australian resources and US downstream processing.

The development is expected to create approximately 200 construction jobs and 160 ongoing operational positions. A final investment decision for Phase 1 is currently targeted for late 2026.