Mentioned:
Lockheed Martin needs domestic sources of scandium supply. Which is exactly why they’ve just cut a deal with an Australian mining company co-founded by Robert Friedland.
What’s happening:
- Lockheed Martin (NYSE: LMT) has entered into a new deal with Sunrise Energy Metals (ASX: SRL) for scandium oxide supply
By the numbers:
- The new deal gives Lockheed Martin the option to purchase up to 15 tonnes of scandium oxide annually from Sunrise Energy Metals
Why it matters:
- Scandium is a rare element that is a highly important material for aluminium alloys that are used in military aircraft and combat systems
Going deeper:
- Sunrise Energy Metals is co-founded by legendary mining entrepreneur Robert Friedland and owns the Syerston Scandium Project in Australia which is one of the world’s single largest scandium deposits
- The Export-Import Bank of the United States also notably gave Sunrise Energy Metals a letter of interest for $67M USD to advance their Sheraton Scandium Project
The intrigue:
- The new deal between Lockheed Martin and Sunrise Energy Metals closely follows the historic partnership just recently formed between the United States and Australia to expand domestic sources of supply for critical minerals and rare earth elements
