Exim signals financing interest in Syerston scandium project
ASX- and OTC-listed Sunrise Energy Metals has received a letter of interest (LoI) from the Export-Import Bank of the United States (Exim) for up to $67-million (A$103-million) in potential debt financing to support development of the Syerston scandium project in New South Wales.
The amount represents about half of the project’s estimated development capital.
If Sunrise proceeds with a formal application, Exim will conduct due diligence before making a final lending commitment.
The LoI follows the US government’s designation of scandium as strategically important to its industrial supply chains, particularly since China imposed export controls on rare earth metals earlier this year. The Syerston project hosts the world’s largest and highest-grade scandium deposit.
“This LoI underscores the importance of scandium to the United States, both as a critical component in wireless communications technologies, and advanced alloys supporting the civilian and defence sectors,” said co-chairperson Robert Friedland. “As a key ally of the United States, Australia's significant endowment of strategic metals positions it to be an important supplier in the future.”
Managing director Sam Riggall added that the company was encouraged by the show of support by Exim for the financing and development of the Syerston project. "We expect it to strengthen our engagement with customers to secure offtake arrangements as we move the project towards a final investment decision and development.”
Meanwhile, Sunrise is progressing its feasibility study, which is now expected to be completed in mid- to late-October to incorporate the larger contained metal inventory from the recently updated mineral resource estimate and an optimised mine plan.
Last week, Sunrise reported a measured and indicated resource of 19 000 t of contained scandium at an average grade of 414 g/t.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Latest Multimedia
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
