Latest news with #CleanWaterActSection404
Yahoo
28-05-2025
- Business
- Yahoo
Perpetua Resources receives additional funding for Stibnite project from US Army Corps
(Reuters) - Mining company Perpetua Resources on Wednesday said it has been awarded up to $6.9 million in additional funding from the U.S. Army Corps of Engineers for its Idaho antimony and gold Stibnite project. The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries. China, responsible for nearly 60% of globally mined antimony in 2024, banned exports of the metal to the United States in December last year, prompting efforts to increase production within the U.S. This supplemental award will allow Perpetua to expand the research and support the U.S. Army's objective of establishing a fully domestic "ground-to-round" antimony trisulfide supply chain. "Advancing America's capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience," said CEO Jon Cherry. The company said that with the receipt of this additional funding, its total awards from the Department of Defense exceed $80 million, including the $15.5 million received under an Ordnance Technology Initiative Agreement in August 2023. Last week, the company received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps for the project. Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Perpetua submits application for up to $2 billion loan to US EXIM for antimony project
(Reuters) - Perpetua Resources said on Friday it had submitted a formal application to the U.S. Export-Import Bank for potential debt financing of up to $2 billion to construct its Idaho antimony and gold Stibnite project. The company had received a letter of interest from the EXIM Bank in 2024 for an up to $1.8 billion loan for the project. Perpetua said the increase in the application amount reflects a rise in the estimated number of job-years indicated by the financial update and basic engineering work completed in the first quarter. The company's shares were up nearly 4% in afternoon trading. The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries. President Donald Trump's administration has stepped up efforts to boost domestic production of critical minerals and raise government financing as part of a broad effort to offset China's near-total control of the sector. Earlier this week, Perpetua received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps of Engineers for the project.
