U.S. Strategic Metals, headquartered in St. Louis, formerly Missouri Cobalt in Madison County, has received a non-binding Letter of Interest from the Export-Import Bank of the United States for a potential debt funding package of $400,000,000 with a loan term of up to 15 years. Luke Turnbough has some of those details provided in a news release from U.S. Strategic Metals.
The funding will enable further development of the company’s mining and metallurgical project located near Fredericktown. This transaction may be eligible for special consideration under EXIM Bank’s China and Transformational Export Program, a congressional mandate for EXIM Bank to help American companies facing competition from China in areas like renewable energy, energy storage and energy efficiency. The EXIM loan, in combination with existing equity and credit facilities, would provide funding for substantially all of the anticipated construction and development capital required to complete U.S. Strategic Metals project in Madison County. Following USSM’s formal application for debt funding, EXIM Bank will begin their formal due diligence process and conduct the required comprehensive underwriting to determine the appropriate terms and conditions of the loan. The project will produce cobalt, nickel, lithium and copper.
