Donald Rare Earth and Mineral Sands project secures $180 million in conditional funding

The Donald Rare Earth and Mineral Sands project near Minyip has received conditional financing approvals totaling up to $180 million. The funding includes up to $110 million from the National Reconstruction Fund Corporation and $70 million from Export Finance Australia.

The project is a joint venture between Melbourne-based Astron Limited and US-based Energy Fuels Inc. Developers are currently working toward a final investment decision.

Astron managing director Tiger Brown stated the approvals are a major vote of confidence in the project, which is expected to serve as a strategic pillar for Australia's critical minerals sector and benefit the Wimmera region. Energy Fuels Inc CEO Ross Bhappu noted the project could strengthen the critical mineral supply chain between Australia and the United States by providing a long-term source of light and heavy rare earths.