EXIM Bank Issues Letter of Interest to Fund up to US$456M for Wyoming Rare Earth Project
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) has announced that its subsidiary, Wyoming Rare (USA) Inc., 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 US$456 million. This funding is intended for the construction and execution phase of the Cowboy State Mine area at the Halleck Creek Project in Wyoming.
The debt financing will have a 15-year repayment term under EXIM's Make More In America Initiative. The Halleck Creek deposit has a 2.34 billion tonne JORC resource, containing 7.48 million tonnes of total rare earth oxides, including key magnet metals like Neodymium and Praseodymium oxides. This project is seen as the first step in a multi-phase approach to developing the Halleck Creek deposit, which has the potential to be a multi-generational rare earths asset for the U.S.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) ha annunciato che la sua controllata, Wyoming Rare (USA) Inc., ha ricevuto una Lettera di Interesse non vincolante dalla Export-Import Bank degli Stati Uniti (EXIM) per un pacchetto di finanziamento del debito di fino a 456 milioni di dollari USA. Questo finanziamento è destinato alla fase di costruzione ed esecuzione dell'area Cowboy State Mine nel progetto Halleck Creek in Wyoming.
Il finanziamento del debito avrà un termine di rimborso di 15 anni nell'ambito dell'iniziativa Make More In America di EXIM. Il giacimento di Halleck Creek ha una risorsa JORC di 2,34 miliardi di tonnellate, contenente 7,48 milioni di tonnellate di ossidi di terre rare totali, compresi metalli chiave come gli ossidi di Neodimio e Praseodimio. Questo progetto è visto come il primo passo in un approccio a più fasi per sviluppare il giacimento di Halleck Creek, che ha il potenziale per diventare un'asset di terre rare multi-generazionale per gli Stati Uniti.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) ha anunciado que su subsidiaria, Wyoming Rare (USA) Inc., recibió una Carta de Interés no vinculante del Export-Import Bank de los Estados Unidos (EXIM) para un paquete de financiamiento de deuda de hasta 456 millones de dólares estadounidenses. Este financiamiento está destinado a la fase de construcción y ejecución del área Cowboy State Mine en el proyecto Halleck Creek en Wyoming.
El financiamiento de la deuda tendrá un plazo de reembolso de 15 años bajo la iniciativa Make More In America de EXIM. El depósito de Halleck Creek tiene un recurso JORC de 2,34 mil millones de toneladas, que contiene 7,48 millones de toneladas de óxidos de tierras raras totales, incluidos metales clave como los óxidos de Neodimio y Praseodimio. Este proyecto se considera el primer paso en un enfoque de múltiples fases para desarrollar el depósito de Halleck Creek, que tiene el potencial de ser un activo de tierras raras multi-generacional para EE. UU.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY)는 자회사인 Wyoming Rare (USA) Inc.가 미국 수출입은행(EXIM)으로부터 4억 5천 6백만 달러까지의 부채 자금 지원 패키지에 대한 비구속 의향서를 받았다고 발표했습니다. 이 자금은 와이오밍의 Halleck Creek 프로젝트에 있는 Cowboy State Mine 지역의 건설 및 실행 단계에 사용될 예정입니다.
부채 자금 조달은 EXIM의 Make More In America 이니셔티브에 따라 15년 상환 기간을 갖습니다. Halleck Creek 매장량은 23억 4천만 톤의 JORC 자원을 보유하고 있으며, 여기에는 네오디뮴 및 프라세오디뮴 산화물과 같은 주요 자석 금속을 포함한 748만 톤의 총 희토류 산화물이 포함되어 있습니다. 이 프로젝트는 Halleck Creek 매장량을 개발하기 위한 다단계 접근 방식의 첫 단계로 간주되며, 미국에 다세대 희토류 자산이 될 잠재력을 지니고 있습니다.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) a annoncé que sa filiale, Wyoming Rare (USA) Inc., a reçu une lettre d'intention non contraignante de la Export-Import Bank des États-Unis (EXIM) pour un package de financement de dette pouvant atteindre 456 millions de dollars. Ce financement est destiné à la phase de construction et d'exécution de la zone Cowboy State Mine dans le projet Halleck Creek dans le Wyoming.
Le financement par emprunt comportera un délai de remboursement de 15 ans dans le cadre de l'initiative Make More In America d'EXIM. Le gisement de Halleck Creek dispose d'une ressource JORC de 2,34 milliards de tonnes, contenant 7,48 millions de tonnes d'oxydes de terres rares au total, y compris des métaux clés comme les oxydes de néodyme et de praséodyme. Ce projet est considéré comme le premier pas d'une approche en plusieurs phases pour développer le gisement de Halleck Creek, qui a le potentiel de devenir un actif de terres rares intergénérationnel pour les États-Unis.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) hat bekannt gegeben, dass ihre Tochtergesellschaft Wyoming Rare (USA) Inc. ein unverbindliches Interessenbekundungsschreiben von der Export-Import-Bank der Vereinigten Staaten (EXIM) für ein Schuldenfinanzierungspaket von bis zu 456 Millionen US-Dollar erhalten hat. Diese Finanzierung ist für die Bau- und Ausführungsphase des Cowboy State Mine-Gebiets im Halleck Creek-Projekt in Wyoming vorgesehen.
Die Schuldenfinanzierung wird eine Rückzahlungsdauer von 15 Jahren im Rahmen der Initiative Make More In America von EXIM haben. Das Halleck Creek-Vorkommen verfügt über eine JORC-Ressource von 2,34 Milliarden Tonnen, die insgesamt 7,48 Millionen Tonnen seltener Erdenoxid enthält, einschließlich wichtiger Magnetmetalle wie Neodym- und Praseodymoxide. Dieses Projekt wird als erster Schritt in einem mehrphasigen Ansatz zur Entwicklung des Halleck Creek-Vorkommens angesehen, das das Potenzial hat, ein generationsübergreifendes Asset seltener Erden für die USA zu werden.
- Potential debt funding package of up to US$456 million from EXIM Bank
- 15-year repayment term for the debt financing
- Halleck Creek deposit has a 2.34 billion tonne JORC resource
- Project contains 7.48 million tonnes of total rare earth oxides
- Potential to be a multi-generational rare earths asset for the U.S.
- The Letter of Interest from EXIM Bank is non-binding and not a final commitment
- Further due diligence is required before finalizing any funding agreement
Highlights
- Wyoming Rare (USA) Inc. has received a non-binding Letter of Interest from the Export-Import Bank of the United States (“EXIM”) for up to US
$456M in a debt financing package for the construction and execution phase of the Cowboy State Mine area at the Halleck Creek Project. - The debt financing will have a repayment term of 15 years under EXIM’s Make More In America Initiative.
- EXIM is the official export credit agency of the U.S. Federal Government with the mission to support U.S. exporters and jobs.
- The Cowboy State Mine area is the first step in a multi-phase approach to developing the Halleck Creek deposit in Wyoming.
- The Halleck Creek deposit has the potential to be a multi-generational rare earths asset for the U.S. The deposit has a 2.34 billion tonne JORC resource, containing 7.48 million tonnes of total rare earth oxides, including key magnet metals like Neodymium (Nd) and Praseodymium (Pr) oxides.1
DENVER, Sept. 24, 2024 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce that its
EXIM Bank made the offer based on the preliminary information submitted regarding expected U.S. exports and U.S. jobs to be created through the CSM project and indicated it would be able to consider potential financing of up to US
While the Letter of Interest is not a final commitment, it highlights the strategic importance of the Halleck Creek project. 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.
Chris Gibbs, CEO, commented:
"This Letter of Interest from EXIM Bank is a significant milestone, highlighting the U.S. Government’s commitment to securing a robust domestic rare earth supply chain. The Halleck Creek project is set to become a key, multi-generational resource for the U.S., and we are proud to be at the forefront of this transformative initiative. We look forward to collaborating with EXIM and the U.S. Government to bring this critical project to fruition. The potential funding also paves the way to accelerate offtake agreements and attract strategic investors for our subsidiary, Wyoming Rare (USA) Inc."
Joe Evers, President of WRI, added:
"We are grateful for the recognition and support from EXIM Bank, which will be instrumental in securing the funding needed to fast-track the development of this important project."
This announcement is authorized for release by the Board of American Rare Earths Limited.
About American Rare Earths Limited:
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and U.S. national security. The Company continues to evaluate other exploration opportunities and is collaborating with U.S. Government-supported R&D to develop efficient processing and separation techniques of rare earth elements (REEs) to help ensure a renewable future.
For further information, please contact:
Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125
Beverly Jedynak
Investor Relations US
Beverly.jedynak@viriathus.com
312 943 1123
1 ASX Announcement 7 February 2024
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5db3e630-5dd7-4b08-9363-28bf98f34b77
FAQ
What is the value of the potential debt funding package for ARRNF's Halleck Creek Project?
What is the repayment term for the potential EXIM Bank debt financing for ARRNF?
What is the size of the JORC resource at ARRNF's Halleck Creek deposit?
Is the EXIM Bank Letter of Interest a binding commitment for funding ARRNF's project?
