US provides $566m loan for Australian scandium project

The United States Office of Strategic Capital (OSC) has issued a conditional $566 million loan to Sunrise Energy Metals Limited for the Syerston Scandium Project in New South Wales, Australia. Located near Fifield, the project has received approval from the NSW government.

Scandium is a critical mineral currently harvested primarily as a byproduct of other resource extraction. The OSC noted that no primary mine-source scandium supply exists globally, and foreign competitors currently control approximately 80 per cent of global mining production and nearly 100 per cent of processing. The Syerston project is expected to produce up to 60 tonnes of high-quality scandium oxide annually over a 32-year lifespan.

Peter Zuckerman, managing director of the OSC, stated the investment aims to ensure US manufacturers and military personnel no longer depend on adversaries for this material. The move follows recent trade restrictions on scandium by China and aligns with a critical minerals framework deal signed between the Australian and US governments in October 2025.