US Strategic Metals, a key player in the critical minerals sector, has secured a non-binding letter of interest for a $400 million loan from the US Export-Import (EXIM) Bank. The loan is intended to fund the company’s ambitious battery-grade metals complex in Missouri, which includes a mine, concentrator, and hydrometallurgical processing facility. The 15-year loan will undergo due diligence by EXIM Bank before final terms are set.
The loan, coupled with other financing avenues, is expected to cover the majority of the project’s construction and development costs. US Strategic Metals aims to bolster domestic battery supply chains by producing nickel and cobalt sulfates, lithium carbonate, and copper cathode.
The company claims that its Missouri site, located in Madison County, hosts the largest cobalt reserve in the United States, with estimates of 100 million pounds of cobalt, 150 million pounds of nickel, and 170 million pounds of copper. Feedstock for the processing facility will come from the mine's concentrate, preexisting tailings waste, and recycled lithium-ion batteries.
In 2022, US Strategic Metals secured a long-term offtake agreement with global mining giant Glencore, covering 100% of the project's production.
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