Gippsland Critical Minerals (GCM) last week released an analysis highlighting that East Gippsland’s Fingerboards resource could make a globally significant contribution to supply chain security for heavy rare earths and present a major new export opportunity for Australia following the tariff announcement by the United States Government.
The Fingerboards resource analysis comes as the US Government announced that certain minerals not available in the United States will not be subject to the 10 per cent Reciprocal Tariff.
While the US has some domestic production of rare earths, it is
heavily reliant on imports from China which supplies more than 95 per cent of certain heavy rare earth elements and more than 60 per cent of critical minerals globally.
“The size and quality of the Fingerboards heavy rare earths deposit, combined with the exceptional growth in global demand and the
magnets they produce, highlights the Fingerboards
presents an important near-term strategic opportunity for Australia,” GCM chief
executive officer Michelle Wood said.
“In particular, Australia’s status as a strategic US ally positions us as a reliable supplier for the critical minerals required to support future growth in US manufacturing following this week’s tariff announcement.
For example, Dysprosium and Terbium are vital to support manufacturing of renewable energy infrastructure, electric cars, electronics and other key technologies, many of which are currently manufactured outside the United States.”
Adamas Intelligence analysis confirmed that Fingerboards rare earth production could support upwards of 5000 tonnes of high-performance NdFeB magnet production annually in Europe, the US, South Korea and Japan, where factories are being developed or are already in operation.
“With the US, Europe and other regions investing in the development of alternative mine-to-magnet supply chains, heavy rare earth supplies are highly sought after as they are critical to the
production of high-performance magnets for electric vehicles, drone motors, robots and defence applications,” Adamas Intelligence managing director Ryan Castilloux said.
“China currently dominates nearly 100 per cent of global refined dysprosium and terbium supplies (heavy rare earths). The near-term strategic importance of
alternative sources of supply outside the nation cannot be overstated.
“In these fast-growing markets, Fingerboards production could help put over three million EVs on the road annually or could help bring online over 10 GW of new wind power annually, enough to power more than five million homes.”
GCM Fingerboards Project will have an operating life of over 20 years and will directly create a generation of secure, well-paid jobs for around 300 people in the local community and provide an estimated $180 million in royalties to the Victorian Government.
“Our analysis is based on our current rescoping work for a project that is smaller in terms of its yearly throughput than previously proposed in the 2021 EES.
This means we can deliver an environmentally and socially responsible project that can co-exist with local agriculture and which meets community expectations,” Ms Wood said.
GCM is an Australian-United Kingdom-owned company, one of only two critical minerals projects in Victoria without Chinese ownership.
FINGERBOARDS RESOURCE ANALYSIS
KEY POINTS
– 7.1 per cent of the global supply in the Heavy Rare Earths – Dysprosium and Terbium (DyTb) used to ensure magnets stay effective at elevated temperatures and under exposure to strong demagnetization forces.
– 1.4 per cent of the global supply in the Light Rare Earths – Neodymium and Praseodymium (NdPr) used in ultra-strong permanent magnets with uses in
renewable energy infrastructure, electric vehicles, drones, robots, consumer electronics and industrial applications.
– 7.2 per cent of the global supply of Zircon used in ceramics, dental products such as implants and crowns, aircraft and defence components, electronics and specialist paints and varnishes.
Source: Adamas Intelligence, 2025
