Sunrise Energy expects to supply US critical minerals stockpile, CEO says

An Australian scandium project backed by mining billionaire Richard Friedland is expected to contribute to the $12 billion US critical minerals stockpile, the company’s CEO told Reuters on Tuesday.

US President Donald Trump announced plans on Monday to launch a strategic stockpile of critical minerals backed by $10 billion in seed funding from the US Export-Import Bank. An additional $2 billion will be funded by private capital.

The funding is designed to secure a Western supply chain of minerals that are critical to industries including high-tech materials, aerospace and defence, that are subject to disruption of production that is dominated by China.

Friedland, who is co-chair of Australia’s Sunrise Energy Metals, attended the Oval office meeting representing producers of critical minerals, alongside General Motors chief executive Mary Barra representing users of the metals.

Sunrise has in the past six months secured sufficient funding to begin early works for construction, CEO Sam Riggall told Reuters. In September it secured a letter of interest from the US EXIM bank for $67 million.

“We would expect to be part of that stockpile,” Riggall said, adding the US EXIM backing had given equity market investors confidence in the project.

The Syerston mine, in New South Wales state, will have initial capacity of 60 tonnes a year of scandium oxide and is set to start production in the first half of 2028. Expansion studies are underway, Riggall added.

Scandium as an alloy hardens metals like aluminum for use in the aerospace, defence and automotive sectors.

Australia has already said that it will build a critical minerals reserve, and Riggall, speaking from Washington, said he expected more jurisdictions to do the same.

“Absolutely, there are going to be multiple stockpiles globally,” he added.

China, Japan and Korea already hold such reserves, with some intended expansions, while the EU has said it would launch a stockpiling plan this year.

(By Melanie Burton; Editing by Stephen Coates)