Pentagon Funds First Fighter Metal Mine
The U.S. Department of Defense announced its commitment to provide a $400 million loan to Sun Rise Energy Metals to develop the world's first direct ore mine for scandium extraction in Australia, aiming to reduce reliance on China and other competitors. Scandium is used in the manufacturing of aircraft, spacecraft, and smartphones, and is currently produced as a byproduct of other mining operations. However, this project will be the first to extract it directly from dedicated deposits. Production is expected to begin by 2028, reaching up to 60 tons annually, with plans to increase capacity. This initiative will strengthen the security of the supply chain for critical metals essential to U.S. defense and technological industries.
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