Chilean Copper confirms letter of interest for US Export-Import Bank to fund development
Chilean Cobalt Corporation has received a new letter of interest from the Export-Import Bank of the US for a potential debt funding package of up to $375-million, as the company develops the La Cobaltera and El Cofre cobalt and copper mines, in Chile.
The new letter follows the expiration of the company’s previously issued letter of intent from the bank, which was for $317-million.
Chilean Cobalt submitted a new application for an increased potential financing amount based on an updated development plan for the project.
The company says potential financing from the bank would support Chilean Cobalt’s strategy of establishing a secure, Americas-based cobalt and copper supply chain, which also aligns with the US’s current focus on supporting downstream critical mineral processing capacity.
Chilean Cobalt will evaluate more potential financing under the bank’s Supply Chain Resilience Initiative while it works to finalise the required formal application for financing during 2027.
The La Cobaltera and El Cofre projects already have the backing of diversified miner Glencore as a future buyer of the cobalt and copper produced from the mines.