General News
4 November, 2026
DMS project scores government funding
The Donald Rare Earth and Mineral Sands near Minyip has secured conditional financing approvals worth up to $180 million as its developers work towards a final investment decision.
The Donald Rare Earth and Mineral Sands near Minyip has secured conditional financing approvals worth up to $180 million as its developers work towards a final investment decision.
Donald Mineral Sands announced on October 27 that the National Reconstruction Fund Corporation had conditionally approved up to $110 million for the project.
Export Finance Australia conditionally approved a further $70 million.
DMS is a joint venture between Melbourne-based ASX-listed Astron Limited and US critical mineral producer Energy Fuels Inc.
Astron managing director Tiger Brown said the approvals marked an important milestone.
"We are grateful to the National Reconstruction Fund Corporation and Export Finance Australia for their conditional credit approvals," he said.
"They are a major vote of confidence in the globally significant Donald Project and an important milestone on our long road to making it a reality.
"The Donald Project will not only be a strategically important pillar of Australia's developing critical minerals sector, but also deliver lasting benefits much closer to home, for the Wimmera region, its communities and Traditional Owners.
"Together with Energy Fuels, we look forward to finalising the financing and moving to a final investment decision."
Energy Fuels Inc CEO Ross Bhappu said the conditional approval was a significant step for the critical mineral supply chain between Australia and the United States.
"The Donald Project has the potential to provide a long-term source of both light and heavy rare earths for technologies essential to energy, advanced manufacturing, and defence," he said.
"Together with Astron, we look forward to advancing project financing and working towards a final investment decision.”
The project contains the world’s fourth-largest rare earths resource outside China.
Over a 40-year life, it will supply light and heavy rare earths as used in high-performance magnets, electronics, defence systems, and clean energy technologies.