American Rare Earths Secures $456M Non-Binding LOI from EXIM Bank for Cowboy State Mine Project [Video]

American Rare Earths Non Executive Director Mel Sanderson joined Steve Darling from Proactive to announce major news that the company has received a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM) for a debt funding package of up to $456 million. This funding will support the construction and execution phase of the Cowboy State Mine (CSM) area at Halleck Creek.

Sanderson noted that this funding aligns with the entire initial capital expenditure estimate for the CSM as detailed in the March 2024 Scoping Study. The CSM project represents the first phase in the development of the Halleck Creek deposit, a significant rare earth asset crucial to the U.S. supply chain.

EXIM, the official export credit agency of the U.S. Federal Government, issued the Letter of Interest based on preliminary information provided by American Rare Earths, highlighting expected U.S. exports and job creation. The funding offer comes under EXIM’s Make More In America Initiative, with a proposed repayment tenor of 15 years. This financial backing underscores the strategic importance of the CSM project and its potential to bolster the U.S. rare earths industry.

EXIM will now conduct its due diligence before proceeding with any final financing arrangement. The Company will update the market upon finalizing a definitive funding agreement with EXIM.

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