Perpetua Resources said on Thursday it plans to submit a formal loan application to the US Export-Import Bank (EXIM) for its Idaho antimony and gold Stibnite project in the second quarter of this year.
In its annual report, the miner said EXIM would determine if a final loan commitment might be issued.
Perpetua had received a letter of interest, which was non-binding, from EXIM for a loan worth up to $1.8 billion to develop its antimony and gold mine, Reuters reported in April last year.
If the loan is approved, the Stibnite project would be one of Washington’s largest investments ever in a mine. The final mining permit for the project was issued in the last leg of former President Joe Biden’s presidency.
Antimony, a metal used to make solar panels, flame retardants and weapons, among other things, is imported into the US as the country does not have its own source.
China accounted for 60% of globally mined antimony in 2024, according to data from the US Geological Survey.
In December last year, China banned exports of the metal to the US.
The Stibnite mine would aid the United States’ move to boost domestic production of critical minerals and offset China’s control of the sector.
Perpetua’s mine could supply more than 35% of America’s annual antimony needs once it opens by 2028.
(By Seher Dareen; Editing by Shreya Biswas)
