Perpetua Resources has received a $2.9bn senior secured long-term loan from the Export-Import Bank of the US (EXIM) to develop the Stibnite Gold Project in Idaho.
This funding is part of EXIM’s Make More in America Initiative (MMIA), designed to enhance domestic manufacturing and job creation.
The loan approval from EXIM followed comprehensive technical, financial, environmental and social evaluations, along with a 25-day notice period to Congress.
The Stibnite Project is said to be the only identified domestic reserve of antimony, a crucial mineral for national security and industry.
The loan, alongside Perpetua’s cash reserves, is expected to cover the project’s construction costs.
The project aims to sustainably redevelop the abandoned Stibnite Mining District in Idaho, focusing on gold production and establishing the only reported domestic reserve of antimony.
It involves environmental clean-up, securing antimony for US commercial and defence needs, and creating an average of more than 700 direct jobs annually, contributing significant tax revenue to local communities and Idaho.
The loan includes a $2.4bn upfront facility, with the rest allocated for capitalised interest and EXIM’s exposure fee.
Interest on the loan will align with the long-term US Treasury bond rate, adding 100 basis points, and will be fixed at the initial drawdown. Repayments are expected to begin in 2030.
Perpetua Resources president and CEO Jon Cherry said: “It is time to make more in America and today marks not only a key milestone for Perpetua Resources but a significant step in mineral security for our country.
“When the federal government and private industry work together on a shared national priority, big things are made possible. The $2.9bn loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining.”
The loan is set to be available in the latter half of 2026, pending completion of final documentation and customary conditions.
Perpetua Resources’ engagement with EXIM began in 2024, leading to this approval after thorough evaluation.
Endeavour Financial is acting as the financial advisor for the loan, with Hunton Andrews Kurth providing legal counsel for the company’s transaction.
In October last year, Perpetua secured $255m through equity investments from Agnico Eagle Mines and JPMorganChase, collectively referred to as the private placement.
“Perpetua Resources receives $2.9bn loan from EXIM” was originally created and published by Mining Technology, a GlobalData owned brand.
