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22. October 2025
Australians Back Rare Earth Venture With 80 Million Boost
The Donald Project, a joint venture between Energy Fuels and Astron, has taken a significant step forward with the recent grant of a conditional and non-binding letter of support from Export Finance Australia (EFA) for senior debt project financing of up to A$80 million. This development marks an important milestone in the project’s journey towards becoming a major contributor to the global supply chain of rare earth elements (REEs).
Located in Victoria’s Murray Basin near Minyip and Donald, the Donald Project promises to be a significant player in the global market for REEs, with its production directed towards Energy Fuels’ processing facility in the US. The project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels.
The EFA’s letter of support is contingent upon satisfactory due diligence outcomes and regulatory approvals, which are crucial steps in the project’s financing pathway. The export credit agency plays a vital role in facilitating export trade and infrastructure development overseas, and its involvement in the Donald Project is seen as a strong vote of confidence in the project’s potential.
The total funding requirement for the rare earth and mineral sands project is estimated to be around A$520 million, which will enable the joint venture to complete its development phase. Energy Fuels intends to invest up to A$183 million in equity, divided into A$45 million before the final investment decision (FID) and A$138 million after the FID. Additional post-FID contributions totalling A$122 million will be distributed proportionally among the partners.
The conditional letter of support from EFA highlights the strategic role the project plays in diversifying critical mineral supply chains, as stated by Astron Managing Director Tiger Brown. The project’s development is expected to yield an average of 7,200 tonnes per annum (tpa) of REEC upon commencement, including both light and critically important heavy rare earths.
These outputs are projected to meet a significant portion of US demand for dysprosium (Dy) and terbium (Tb), which are essential for clean energy, defense, and advanced manufacturing sectors. The project’s production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favourable FID.
Astron managing director Tiger Brown stated that “the conditional and non-binding Letter of Support from EFA highlights the strategic role the project plays in the diversification of critical mineral supply chains. It marks a key milestone in our pathway to development of the Donald Project and the tangible progress we are making toward establishing a world-class rare earth operation in Australia.”
The joint venture is also collaborating with export credit agencies and senior lenders to establish a comprehensive project financing syndicate, which will provide access to additional funding sources. Energy Fuels CEO Mark Chalmers said that “the conditional and non-binding Letter of Support from EFA is a strong vote of confidence for the Donald Project and its role in supporting global critical minerals supply chains.”
The project’s development has significant implications for Australia’s mining sector, as it promises to deliver valuable REEs and rare earth element concentrates to Energy Fuels’ processing facility in the US. The project’s success will also enhance the country’s reputation as a major player in the global mining industry.
In addition to its financial benefits, the Donald Project is expected to create jobs and stimulate economic growth in regional areas, particularly in Victoria’s Murray Basin. The project’s development is also seen as an opportunity for Astron and Energy Fuels to diversify their portfolio of projects and strengthen their positions in the global market for REEs.
As the project moves forward, it is likely that there will be further developments and announcements regarding its financing and development pathway. With the support of EFA and other export credit agencies, the Donald Project is poised to become a significant contributor to the global supply chain of rare earth elements, supporting clean energy, defense, and advanced manufacturing sectors around the world.
The project’s success will also have implications for Australia’s trade relationships with key partners, including the US. The country’s mining sector has traditionally been focused on exporting raw materials, such as iron ore and coal, but the development of projects like the Donald Project signals a shift towards more value-added exports, such as processed REEs.
The project’s production is expected to have a significant impact on the global economy in years to come. As the mining sector continues to evolve, it is likely that projects like the Donald Project will play an increasingly important role in supporting global critical minerals supply chains. With their potential to deliver valuable REEs and rare earth element concentrates, these projects promise to have a lasting legacy for Australia’s mining industry.
The involvement of EFA and other export credit agencies in the Donald Project highlights the critical role that these organizations play in facilitating export trade and infrastructure development overseas. The project’s success will also serve as a model for future investment and development in the Australian mining sector, demonstrating the potential for innovative projects to drive growth and economic development.
The Donald Project’s strategic location and expected production levels make it an attractive investment opportunity for investors seeking to capitalize on the growing demand for REEs and other critical minerals. As the project moves forward, it is likely that there will be further developments and announcements regarding its financing and development pathway, providing updates on its progress towards becoming a major contributor to the global supply chain of rare earth elements.
The project’s development has significant implications for Australia’s mining sector, as it promises to deliver valuable REEs and rare earth element concentrates to Energy Fuels’ processing facility in the US. The project’s success will also enhance the country’s reputation as a major player in the global mining industry, positioning it for long-term growth and economic development.
With its potential to deliver valuable benefits to Western nations and partners, supporting clean energy, defense, and advanced manufacturing sectors around the world, the Donald Project is poised to play an increasingly important role in shaping the future of the global mining industry.