The National Reconstruction Fund Corporation (NRFC) has committed up to $110 million in senior debt to support the development of a globally significant rare earth and mineral sands mine and processing facility, providing critical minerals capability for Australia and its allies.
The NRFC has committed to invest in the Donald Rare Earth and Mineral Sands Project (Donald Project), which is being developed by Donald Mineral Sands (DMS). DMS is a joint venture between Australia’s Astron Limited and US company Energy Fuels. The investment, made alongside a commitment of up to $70 million from Export Finance Australia, is part of a $200 million project finance facility.
The Donald Project, in the Wimmera region of northwest Victoria, contains the second largest rare earths resource in Australia and one of the largest in the world. Over a 40-year Phase 1 life it will supply critical minerals, including both light and heavy rare earths used to manufacture products such as high-performance magnets, electronics, defence systems, and clean energy technologies.
The project has been identified as a key opportunity to strengthen Australia’s position as a reliable supplier to allies under the US – Australia Critical Minerals Framework. The project has also been granted Major Project Status by the Australian Government, highlighting its national strategic importance.
NRFC’s commitment brings to life a project that has been in development for more than 20 years and will be the first new mine built in Victoria in over a decade. It will create 200 temporary construction jobs, and 160 ongoing jobs during operations, including technical, trades, professional, environmental, and operational roles, supported by training, apprenticeships, and partnerships with regional education providers.
The Donald Project is expected to be transformative for a regional economy affected by population decline. A study by Deloitte Access Economics estimates the Donald Project will increase regional gross product by $2.2b in 2024 terms – or about $200m per year in nominal terms.
Under the joint venture, Energy Fuels has the right to purchase and process 100% of the rare earth element concentrate (REEC) feedstock produced by the Donald Project, enabling the development of a fully integrated ‘mine-to-magnet’ supply chain, anchored by Energy Fuels’ White Mesa Mill in Utah, which is backed by US government funding.
“This project has been earmarked as a nationally significant one, but it is no less significant for the people who live in this great part of regional Victoria,” NRFC CEO David Gall said.
“We know that rare earths such as those that will be produced and processed at this facility are essential for modern life and that securing access to them is a critical strategic priority for Australia and its allies.”
“This project will strengthen Australia’s role in a resilient ‘mine-to-magnet’ supply chain, connecting Australian resources with downstream processing and manufacturing in key partner markets and building greater supply chain security.”
DMS has secured all necessary project approvals, taking stringent steps to protect the environment and avoid or minimise potential negative impacts. Mined land will be progressively rehabilitated within five to 10 years, under a comprehensive, Victorian Government-approved Rehabilitation Plan.
DMS has consulted extensively with local First Nations communities. In February 2026, DMS signed a Journey and Understanding Agreement (JaUA) with Barengi Gadjin Land Council (BGLC) Aboriginal Corporation, the Registered Native Title Body Corporate (RNTBC). The BGLC represents the Traditional Owners of the land on which the Donald Project is located: the Wotjobaluk, Jaadwa, Jadawadjali, Wergaia and Jupagulk Peoples.
Quote from company
Astron Managing Director Tiger Brown said:
"We are grateful to the National Reconstruction Fund Corporation and Export Finance Australia for their significant investment commitments. The funding is 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 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.”
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About the National Reconstruction Fund Corporation (NRFC)
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across eight priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; medical science; and industrial manufacturing and critical supply chains.
The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit nrf.gov.au.
NRFC media contact: media@nrf.gov.au
About the Donald Project joint venture
Donald Project Pty Ltd, trading as Donald Mineral Sands (DMS), is developing the Donald Project. DMS is a joint venture between Astron Limited, a Melbourne-based, ASX-listed company involved in mineral sands processing and product development, and Energy Fuels Inc, a leading US critical materials producers.
The Donald Rare Earth and Mineral Sands Project, near Minyip, in Victoria's Murray Basin, about 300km north-west of Melbourne, is a globally significant deposit of critical minerals. The site contains a total mineral resource of 1.81 billion tonnes, with a planned 52-year mine life over two phases. The resource will produce zirconium, titanium, and rare earth elements including neodymium and praseodymium, supporting technologies vital to clean energy, defence, and advanced manufacturing.