Astron Corporation has secured $183 million in funding for a rare earth and mineral sands mine in western Victoria.
Rare earth elements are used to build magnets for wind turbines and electric vehicles, and have been identified by the Australian and US governments as critical to the countries' renewable energy transitions and military defence.Mr Brown said production at the site could start as soon as 2026 and the company was aiming to raise an additional $240-$250 million in loans by the end of 2024, ahead of construction in 2025.
The rare earths concentrate produced at the site will contain trace amounts of radioactive elements uranium and thorium, which Mr Brown said would be safely managed."We've got an approved radiation management licence from the state of Victoria. In a statement, Energy Fuels, the largest uranium producer in the US, said it planned to ship rare earth element concentrate from western Victoria to White Mesa Hill in Utah for processing into rare earth oxides.Minyip farmer Ryan Milgate, whose property is about three kilometres from the planned mine site, said he was disappointed by the lack of consultation the company had offered the community.
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