SMM Flash News: Australia's Largest Clay-Type Heavy Rare Earth Mine Receives US Funding Support Victoria Metals of Australia announced that it received a letter of intent from the US Export-Import Bank, proposing to provide $190 million in project funding to assist the company in developing its heavy rare earth project in North Stanmore, Western Australia. This letter of intent positions the company as one of Australia's critical mineral developers eligible for direct support from US government agencies. The company considers North Stanmore to be Australia's largest clay-type heavy rare earth mine project, with a mineralized zone exceeding 13.5 kilometers in length. The mine has an operational life of over 31 years, with an annual production capacity of 59,300 mt of mixed rare earth carbonate (MREC) and 3,000 mt of scandium-hafnium oxide, which can be extracted separately. The scoping study conducted in March was based on an ore resource of 247.5 million mt, with a total rare earth oxide (TREO) grade of 0.052%. The open-pit mine has an annual ore mining capacity of 8 million mt.