Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile

An Australian scandium mining project backed by billionaire mining executive Richard Friedland is expected to play a role in the United States’ newly announced $12 billion critical minerals stockpile, according to comments made by the company’s chief executive to Reuters. The initiative highlights growing global efforts to secure strategic mineral supply chains amid rising geopolitical and industrial pressures.

U.S. President Donald Trump revealed plans to establish a strategic stockpile of critical minerals, supported by $10 billion in initial funding from the U.S. Export-Import Bank, with an additional $2 billion expected from private sector investment. The program aims to reduce Western dependence on China-dominated mineral production and safeguard supplies essential to industries such as aerospace, defence, automotive manufacturing, and advanced technologies.

Richard Friedland, co-chair of Sunrise Energy Metals, attended the Oval Office meeting announcing the initiative. He represented critical mineral producers alongside General Motors CEO Mary Barra, who attended on behalf of major end users. Sunrise Energy Metals owns the Syerston scandium project in New South Wales, one of the most advanced scandium developments globally.

Sunrise CEO Sam Riggall said the company anticipates being included in the U.S. critical minerals stockpile. He noted that the project has secured enough funding over the past six months to begin early construction works. In September, Sunrise also received a $67 million letter of interest from the U.S. EXIM Bank, which Riggall said significantly boosted investor confidence.

The Syerston mine is expected to commence production in the first half of 2028, with an initial capacity of 60 tonnes of scandium oxide per year. Expansion studies are currently underway to increase output. Scandium is a high-value critical mineral used to strengthen aluminium alloys, making it highly sought after for aerospace, defence, and electric vehicle applications.

Australia has already announced plans to establish its own critical minerals reserve, and Riggall expects more countries to follow. China, Japan, and South Korea already maintain strategic mineral stockpiles, while the European Union has indicated it will launch a similar program this year, underscoring the global race to secure critical mineral supplies.