The US government has pulled a surprise move by offering to back a cash-strapped mineral sands company in the Victorian Mallee, which is yet to start open cut mining.

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A Bendigo-based earthmoving company has already signed a deal with mining company VHM Ltd to progress its flagship mineral sands mine near Swan Hill. Picture from Yellow Iron Fleet.

The Trump administration has provisionally offered $US200 million ($304 million) to ASX-listed VHM Ltd to help end its reliance on critical minerals from China.

The offer has come from the US government's EXIM (Export Import Bank of the US

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