Victory Metals & Sumitomo Team Up to Boost North Stanmore Heavy Rare Earth Project
Victory Metals has joined forces with Sumitomo Corporation to propel the North Stanmore heavy rare earth project in Western Australia. This collaboration opens an alternative supply route for industries reliant on rare earth inputs, bolsters Australia's standing in global critical mineral markets, and fortifies Japan's resource security.
The North Stanmore deposit, Australia's largest indicated clay-hosted heavy rare earth resource, holds a mineral resource estimate of 320.6 million tonnes at 510 ppm total rare earth oxide and scandium oxide. Heavy rare earth elements are vital in high-performance permanent magnets, wind turbine generators, advanced defense and aerospace applications, medical imaging equipment, and next-generation electronics.
The partnership, initiated in December 2024 with a Memorandum of Understanding, paves the way for significant economic benefits in Western Australia and the broader Australian resources sector. These include job creation, skills development, and infrastructure enhancements. Victory Metals will supply Sumitomo with up to 30% of annual production, capped at 1,000 tonnes per year of mixed rare earth carbonate. The deal includes provisions for pilot-scale product testing, early sales, and long-term offtake arrangements.
The deposit also contains notable concentrations of other critical minerals like gallium oxide, hafnium, and scandium oxide. The partnership with Sumitomo offers Victory Metals access to valuable expertise and potential technical collaboration, potentially accelerating the project's development.
The Victory Metals and Sumitomo Corporation partnership aims to advance the North Stanmore project, creating substantial economic opportunities and strengthening international critical minerals energy transition supply chains. This collaboration diversifies global rare earth sources and secures a steady supply for industries reliant on these crucial elements.
