Australia Supports Investment in Donald Rare Earth Project

Sydney, October 22 (Argus) - The Australian government agency Export Finance Australia (EFA) has agreed to provide up to 80 million Australian dollars (approximately 52 million US dollars) in financing to domestic rare earth developer Astron and US company Energy Fuels to support the Donald rare earth and ore project located in Victoria.
Astron and Energy Fuels announced on October 21 that EFA has issued a non-binding support letter to the two companies. The final financing arrangement will depend on the project approval results and the conclusion of due diligence. The agency intends to support this project through debt financing.
Astron and Energy Fuels need to raise 520 million Australian dollars to build the Donald project. After the first phase of the project is put into operation, it is expected to produce 1,000 tons of neodymium oxide, 92 tons of dysprosium oxide, and 16 tons of terbium oxide annually. The US partner holding 49% of the project equity has committed to purchasing all rare earth products at market prices when the project is put into operation.
The Victorian regulatory authority approved the project in June 2025. On the day EFA announced its support for the Donald project, Australian Prime Minister Anthony Albanese reached an agreement with US President Trump to invest 1 billion US dollars each in key mineral projects within the next six months. In addition, the Australian government also announced that it would provide 200 million US dollars in funds to the US producer Alcoa and allocate 100 million US dollars to the local enterprise Arafura Rare Earth Company to support the development of gallium and rare earth projects.