Friedland's Sunrise Approves Scandium Mine in Australia as US-Linked Minerals Projects Target 2028-2029 Output

Sunrise Energy Metals Ltd. has approved development of the Syerston scandium mine and refinery in New South Wales, Australia. The company, led by billionaire Robert Friedland and backed by the U.S. government, says it is aiming to start production in 2028.

Scandium is a critical input for defense, advanced manufacturing, AI infrastructure and wireless spectrum technologies. Most of the world's supply currently comes from China.

That is the core supply-chain problem. A metal the Pentagon and chipmakers depend on is controlled by the country the U.S. regards as its main strategic rival.

Arizona copper: offtake talks, no binding deals

The scandium decision is one of several U.S.-linked supply projects with 2028-2029 timelines.

Ivanhoe Electric (NYSE-A, TSX: IE) is in advanced negotiations to sell copper from its Santa Cruz project in Arizona. CEO Taylor Melvin told Bloomberg News that commodity traders and strategic partners have shown interest. He declined to name them.

Melvin said any offtake agreements could include financing to help build the mine. "We need a lot more than Santa Cruz to fill that gap," he said, referring to the divide between U.S. copper demand and domestic output.

The first phase of Santa Cruz now carries a $1.4 billion price tag. A preliminary feasibility study last year put initial development costs at $1.24 billion. First production is targeted for 2029.

Ivanhoe has not announced any binding supply deals. Melvin said the company is also discussing project financing with about a dozen commercial banks.

Taxpayer exposure

President Donald Trump publicly backed financing for Santa Cruz at an Aug. 7 mining roundtable at the State Department. That same month, the Export-Import Bank of the United States issued Ivanhoe a Preliminary Project Letter outlining up to $1.1 billion in potential debt financing.

That letter is a preliminary step, not a final loan commitment. Taxpayer money is not on the line until EXIM completes its review and approves an actual loan. Citing $1.1 billion as committed funding gets ahead of the paperwork.

Private demand is also moving. Copper prices are hovering near record highs, and large technology companies are seeking supply for data centers and power grids. Amazon earlier this year agreed to buy copper from Gunnison Copper Corp.'s Arizona mine, which uses leaching technology developed by Rio Tinto.

Santa Cruz plans on-site processing that produces copper cathode, a refined form used to make wire, cable and foil. Ivanhoe promotes the method as a lower-emissions approach.

Greenland: a deal, a mining approval, and few specifics

On Oct. 14, Trump said in a Truth Social post that massive exploration for oil, gas and minerals is set to begin in Greenland. He said unnamed experts had indicated Greenland's oil is "far greater than that of almost any land, anywhere in the World." He gave no details on the exploration.

The post followed a deal among the U.S., Denmark and Greenland that amends the 1951 U.S.-Denmark defense agreement. Trump said it gives the U.S. "permanent control over security, and all other needs, in Greenland."

The terms published by the White House reaffirm Denmark's sovereignty and territorial integrity and recognize Greenland's right to self-determination. They say states and investors outside NATO and the European Union should not be allowed to exercise control or significant influence, or reach information that could threaten national security or public order.

The published terms contain no specific provisions on oil, gas or mineral exploration. They do recognize U.S. cooperation with Greenland on minerals, science, education and economic development.

The clearest mining news from Greenland came earlier. On Oct. 5, U.S.-based Critical Metals Corp. announced that Greenland's government had formally approved its Tanbreez project through September 2050.

The company says the deposit holds 19 approved critical elements, including terbium, dysprosium and yttrium. Those are used in high-temperature permanent magnets for EV motors, wind turbines and defense systems.

Chairman and CEO Tony Sage said the approval gives the company "a clear framework through 2050 to responsibly develop one of the world's largest heavy rare earth deposits."

The timelines stand out. Syerston is targeting 2028 and Santa Cruz 2029. Tanbreez has a permit that runs to 2050 but no stated production date in the company's announcement.

The open items are concrete. Ivanhoe needs binding offtake contracts and a final EXIM decision on the $1.1 billion. Trump's Greenland oil and gas exploration claim has no published plan behind it yet.