Perpetua seeks $2bn Exim loan for Idaho project
Gold and antimony project developer Perpetua Resources said on Friday it had submitted a formal application to the Export-Import Bank of the United States (Exim) for up to $2-billion in debt financing to fund construction of its Stibnite project, in Idaho.
The request, which follows receipt of the project’s final federal permit, is an increase from the $1.8-billion outlined in Exim’s 2024 nonbinding letter of interest. The company attributed the higher figure to a revised estimate of job-years stemming from recent financial and engineering updates.
“The Stibnite gold project is poised to be a national strategic asset for domestic antimony production and is also a world class gold asset. Exim financing could play a pivotal role in advancing the project to production so we can reestablish a secure supply of antimony for the United States for decades to come,” said Perpetua CEO Jon Cherry.
Perpetua’s application is being evaluated under Exim’s ‘Make More in America’ and ‘China and Transformational Exports Program’ initiatives. The company said the timing aliged with a recent executive order aimed at expanding US financing for critical mineral production.
If approved, the financing would cover a majority of the project’s development costs and could position the US to compete more directly with China, which in 2024 halted global exports of antimony.
The Stibnite project is one of the only known US sources of antimony, which is used in munitions, flame retardants and energy storage. In addition to antimony, the site is expected to produce gold and contribute to the environmental cleanup of the historic mining district.
Perpetua received its final federal authorisation – the Clean Water Act Section 404 permit from the US Army Corps of Engineers – earlier this week, marking the end of an eight-year federal permitting process.
The company now turns its attention to securing remaining state permits and finalising financing to begin construction.