What's Happening?
Sunrise Energy Metals is nearing the completion of a Feasibility Study for its Syerston Scandium Project in New South Wales, Australia. The study aims to produce high-purity scandium oxide, with the resource doubling to 19,007 tonnes of contained scandium. The project is positioned to supply global demand, particularly in the U.S., where scandium is used in aerospace, defense, and clean energy technologies. The company plans to produce scandium metal in the U.S., collaborating with partners for processing.
Why It's Important?
The Syerston Scandium Project represents a significant development in the supply of scandium, a rare earth metal crucial for various high-tech applications. With global demand expected to surpass 110 tonnes annually by 2026, Sunrise Energy's project could alleviate supply chain disruptions, especially as China controls most of the current supply. The project's success could bolster Australia's position in the rare earths market, providing economic benefits and enhancing technological advancements in sectors reliant on scandium.
What's Next?
Sunrise Energy is set to complete the Feasibility Study by the end of September, supporting ongoing financing and offtake discussions. The project will focus on both mining and processing, with plans to expand production capabilities. As demand for scandium grows, Sunrise Energy's strategic partnerships and resource development will be critical in meeting global needs, particularly in the U.S. market. The company will continue to secure necessary permits and infrastructure to advance the project.
