Trump Backs Aussie Miner, Boosts Billionaire's Fortune

American mining financier Robert Friedland, once known as "Toxic Bob," experienced a significant paper wealth increase of $124.5 million on Monday morning. This surge followed the US government's announcement of a $560 million conditional loan to Sunrise Energy Metals for its Syerston Scandium Project in New South Wales, Australia. The White House has described this venture as the "world's first primary scandium mine."

Friedland, the chairman and largest investor in Sunrise, believes this development will restore American leadership in mining. The US loan, committed by the Department of War's Office of Strategic Capital, aims to bolster supply chains for critical minerals. America and its allies are actively seeking to diversify these chains to circumvent China's dominant position in rare earth minerals essential for defense technologies and the clean energy transition.

Sunrise's project, located near Fifield, NSW, hosts one of the world's largest and highest-grade scandium deposits. Scandium, a rare metal primarily produced by China, Russia, and Ukraine, is crucial for strengthening lightweight alloys used in advanced fighter jets. The company highlights the project's scalability and low-cost potential as a reliable source outside of China.