Pentagon loans $400M for Australian scandium mine

The U.S. Department of War, also known as the Pentagon, has approved a conditional loan of $400 million to Sunrise Energy Metals for its scandium project in Australia. The investment aims to boost the supply of rare earth elements, which are critical for defense and technology applications. The loan is part of broader U.S. efforts to reduce reliance on China for these materials. The project is expected to strengthen the rare earth supply chain outside of China.