The National Reconstruction Fund Corporation (NRFC) has given conditional approval for 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.
About the Donald Mineral Sands Project
The NRFC has conditionally approved funding to 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.
Investment impact
Building secure supply chains
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.
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.
Advancing regional development
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.
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.
Creating jobs
The NRFC’s conditional approval 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.