Billionaire Robert Friedland's long-anticipated scandium mining venture in New South Wales has reached a significant milestone with substantial government support. Sunrise Energy Metals, where Friedland serves as non-executive chairman, secured a $400-million conditional loan commitment from the US Department of Defense for the Syerston scandium project, according to Mining.com reporting dated August 19, 2026. The development marks a turning point for a project that has faced delays stretching over more than two decades.
Sunrise Energy Metals, listed on the Australian Securities Exchange under the ticker ASX: SRL, is also pursuing a listing on a US securities exchange to strengthen its position in the American capital markets. The Syerston project is positioned as one of the largest and highest-grade mineable scandium deposits available within Western jurisdictions. Company leadership attributes previous project delays to shifting market dynamics and evolving applications for scandium.
CEO Sam Riggall explained that early interest focused on nickel extraction at the site, followed by a period when scandium demand appeared limited to solid oxide fuel cell applications. However, the landscape has transformed substantially. "Fast forward a decade, and suddenly scandium has found its way into a range of different applications, like semiconductors and 3D printing for defence components," Riggall stated in an interview with The Northern Miner, a sister publication to Mining.com.
Sunrise Energy Metals is targeting a final investment decision by the end of 2026, with early works already underway at the project site. The US Department of Defense backing underscores the strategic importance of securing scandium supplies for American defense and advanced technology applications, particularly in semiconductor manufacturing and defense-grade component production. Friedland is also the founder of Ivanhoe Mines, listed on the Toronto Venture Exchange under ticker TSX: IVN and on US over-the-counter markets under ticker US-OTC: IVPAF.
Source: mining.com