Re: Tronox Inc (TROX) - Company announces they are developing Rare Earth Mine in Australia
Pre-market 4.30+0.55 (+14.67%)
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Tronox Inc. (TROX) and rare earth financing is that the company has received conditional and non-binding letters of support for up to $600 million in financing.
This potential funding is for the development of its rare earth elements supply chain and comes from two key government agencies:
- Export-Import Bank of the United States (EXIM)
- Export Finance Australia (EFA)
Key Details of the Announcement- Purpose: The financing is intended to support the development of the rare earth supply chain, including mine extensions, infrastructure, and cracking and leaching capacity.
- Project Location: The company is progressing with a definitive feasibility study for a proposed cracking and leaching facility in Western Australia to produce a mixed rare earth carbonate.
- Context: The coordinated support from EXIM and EFA falls under the United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths.
- Conditional Nature: The letters are non-binding and conditional, meaning the financing is not finalized. It is subject to further due diligence, including environmental, social, financial, credit, risk, and legal requirements.
This development is viewed by Tronox's CEO as a "significant milestone" in advancing its operations to produce rare earth elements for industries critical to permanent magnets, defense, energy, and advanced technology. |
