Sydney, October 30th (Argus) - At the International Mining and Resources Conference held in Sydney from October 27th to 29th, the delegates stated that Australian key mineral enterprises could benefit from the financial support and procurement restrictions of the US government, but the enterprises need to actively promote their projects and understand the financing options in the US.
Joshua Kruehn, the Deputy Assistant Secretary of the US Department of Commerce, said that the US is guiding the G7 countries to reach consensus on key minerals issues and is committed to the partnership with Australia.
Adam Bernstein, the Technology Director of the US Department of Defense, said that Australia has met the US requirements for the procurement of tantalum and tungsten under the Defense Authorization Act, making it a competitive supply source. US President Donald Trump signed an executive order in July, instructing the Department of Defense to stop issuing most procurement restriction exemptions as of January 1, 2027.
Further restrictions on the procurement of metals such as gallium and germanium will come into effect on December 18, 2027. Bernstein said that the Department of Defense acted quickly this year, investing 174 million US dollars in the gallium refining plant of US Aluminum Company in Western Australia and 400 million US dollars in the Syrston Scandium project of Australian developer Sunrise Energy Metals in New South Wales.
However, Abigail Hunt, the Executive Director of the non-profit organization "Ensuring America's Future Energy", said that Australian enterprises need to understand how to obtain the comprehensive financing options from the US, including funds from the Department of Defense, the Department of Energy, the Strategic Capital Office, the Defense Industrial Base Alliance, and the Cornerstone project operated by the US Army.
Andres Rodriguez, a senior advisor of the US Department of Energy, said that the Department of Energy has traditionally only invested in Australian enterprises that are also investing in the US, such as manganese developer Element 25. The Department of Energy provided a 166 million US dollar grant to Element 25 in January 2025 for its high-purity manganese monohydrate refinery in Louisiana.
The development finance company supported by the US government has always only invested in developing countries, but its regional managing director Douglas Midland said that the company has expanded its authorization scope and begun to focus on the key mineral supply chains of five-eye alliance countries including Australia.
Mark Compton, the Executive Director of the American Exploration and Mining Association, said that mining and mineral processing have now become a national goal of the US - something that was unimaginable ten years ago.
