US Strategic Metals Secures Loan Interest for Battery-Grade Metals Project
US Strategic Metals, a significant player in the critical minerals sector, has received a non-binding letter of interest for a $400 million loan from the US Export-Import (EXIM) Bank. This loan is intended to support the company’s ambitious battery-grade metals complex in Missouri, which will include a mine, concentrator, and hydrometallurgical processing facility. The 15-year loan will undergo due diligence by EXIM Bank before final terms are finalized.
Strengthening the US Battery Supply Chain
Together with other financing options, this loan is expected to cover the majority of the project’s construction and development costs. US Strategic Metals aims to strengthen domestic battery supply chains by producing nickel and cobalt sulfates, lithium carbonate, and copper cathode.
Feedstock Supply and Long-Term Agreement with Glencore
The company asserts that its Missouri site, located in Madison County, contains the largest cobalt reserve in the United States, with estimated resources of 100 million pounds of cobalt, 150 million pounds of nickel, and 170 million pounds of copper. The processing facility will be supplied with feedstock from the mine’s concentrate, existing 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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