The move is aimed at securing a stable supply of scandium, an REE critical to defense and technology sectors. The US Defense Logistics Agency (DLA) is planning to purchase scandium oxide worth up to $40m (£29.62m) from Rio Tinto over the next five years to enhance the US defense stockpile, reported Reuters. The move aims to secure a stable supply of scandium, a rare earth element (REE) critical to Western defense and technology sectors, following China’s imposition of export controls. The agency intends to acquire 6.4 tonnes (t) of scandium oxide within the five year period, beginning with nearly 2t…
Author: Sara Wilson
Investments would finance projects to extract materials crucial for defense and high-tech manufacturing The US government is in talks to set up a multibillion-dollar fund for overseas mining projects with investment firm Orion Resource Partners, as Washington seeks to counter Chinese dominance of critical minerals. The US International Development Finance Corporation and New York-based Orion would each invest $600mn or more in the new fund — potentially alongside other sovereign investors and US agencies, said people familiar with the talks. The fund would invest in projects to extract critical minerals such as copper and rare earths, which are crucial for…
At the heart of one of the mining industry’s most ambitious combinations is a plan to fix a problematic Teck Resources copper mine high in Chile’s Atacama desert, and ultimately to integrate it with a vast neighboring operation that has long been a jewel in Anglo American’s crown. That, however, will require resolving complex operational troubles that have plagued Quebrada Blanca, known as QB — and then navigating relationships with partners in Collahuasi, a mine Anglo doesn’t control. Teck has staked its growth plans on QB, but a major overhaul of the mine was a headache from its early days,…