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Billionaire Friedland to Build Major US-Backed Rare Earths Mine

Bloomberg Markets Sunday 01 November 2026, 23:02 UTC By Paul-Alain Hunt 1 min read
Key Points

Billionaire Friedland to Build Major US-Backed Rare Earths Mine An Australian miner led by billionaire Robert Friedland and backed by the US Department of War has given the go-ahead for a major rare earths project. Sunrise Energy Metals Ltd. will develop the Syerston scandium mine and refinery in New South Wales with a goal to start production in 2028, it said in a statement Monday. The rare earth element is critical to defense, advanced manufacturing, artificial intelligence infrastructure...

Billionaire Friedland to Build Major US-Backed Rare Earths Mine An Australian miner led by billionaire Robert Friedland and backed by the US Department of War has given the go-ahead for a major rare earths project. Sunrise Energy Metals Ltd. will develop the Syerston scandium mine and refinery in New South Wales with a goal to start production in 2028, it said in a statement Monday. The rare earth element is critical to defense, advanced manufacturing, artificial intelligence infrastructure and wireless spectrum technologies, and most supply currently comes from China.
Friedland (PERSON) US (LOCATION) Australian (ORG) Robert Friedland (PERSON) the US Department of War (ORG) Sunrise Energy Metals Ltd. (ORG) Syerston (PERSON) New South Wales (LOCATION) China (LOCATION)
Originally published by Bloomberg Markets Read original →

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