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The Australian Government has announced conditional financing support for two critical minerals projects, backing Astron’s Donald rare earths and mineral sands development in Victoria and Global Advanced Metals’ tantalum production capabilities.
The commitments come one year after Australia and the United States signed a critical minerals framework aimed at strengthening supply chains for advanced manufacturing, clean energy and defence.
Export Finance Australia (EFA) has conditionally approved up to $70 million in financing for the Donald project, alongside a $110 million commitment from the National Reconstruction Fund Corporation (NRFC).
The EFA has also conditionally approved a US$41.4 million loan to Global Advanced Metals to support tantalum production, a critical mineral used in electronic capacitors, aerospace alloys and medical implants.
According to the government, more than $6 billion in support for Australian critical minerals projects has been announced since the US–Australia framework was signed in October 2025.
The Donald project, being developed by Donald Mineral Sands, a joint venture between Astron and US-based Energy Fuels, and its commitment from the NRFC, forms part of a broader $200 million project finance facility intended to advance the development of the rare earths and mineral sands mine and processing facility in Victoria’s Wimmera region.
Donald hosts one of the world’s largest rare earths resources, with its first development phase expected to operate for approximately 40 years.
The project will produce light and heavy rare earths, supporting supply chains for high-performance magnets, defence systems and clean energy technologies.
Astron managing director Tiger Brown welcomed the financing commitments as a milestone for the long-planned development.
“We are grateful to the National Reconstruction Fund Corporation and Export Finance Australia for their significant investment commitments,” Brown said.
“The funding is a major vote of confidence in the globally significant Donald project and an important milestone on our long road to making it a reality.”
The project is expected to create approximately 200 construction jobs, alongside ongoing employment opportunities across technical, trades, environmental and operational roles.
Energy Fuels also holds rights to purchase and process the project’s rare earth element concentrate, establishing a potential connection between Australian mining and downstream processing in the United States.
“The project will not only be a strategically important pillar of Australia’s developing critical minerals sector but also deliver lasting benefits much closer to home, for the Wimmera region, its communities, and Traditional Owners,” Brown said.
“Together with Energy Fuels, we look forward to finalising the financing and moving to a final investment decision.”
Federal Minister for Resources and Northern Australia Madeleine King said the investments reflected Australia’s growing role in critical minerals supply chains.
“The Donald mineral sands project will position Australia as an even more reliable supplier of critical minerals to our international partners and allies,” King said.
“Developing new sources of rare earths is vital to diversifying global supply chains and ensuring the materials needed for clean energy, advanced technologies and defence applications are available for decades to come.”
Minister for Trade and Tourism Don Farrell said the commitments would support Australia’s export capabilities.
“These projects strengthen Australia’s position in the supply chains providing the critical minerals vital to advanced manufacturing, clean energy and defence technologies,” Farrell said.
The funding remains subject to the relevant conditions and final financing arrangements before the proposed projects can progress.
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