The funding marks the largest single transaction under EXIM’s Make More in America Initiative to boost domestic critical mineral production.
The Export-Import Bank of the US (EXIM) has approved a $2.9bn senior secured loan to Perpetua Resources to develop the Stibnite Gold Project in Idaho. The loan, part of EXIM’s Make More in America Initiative, aims to support domestic manufacturing and job creation by funding the project’s construction costs.
The Stibnite Project is the only identified domestic reserve of antimony, a mineral critical for national security and industrial use. The loan includes a $2.4bn upfront facility, with the remainder allocated for capitalised interest and fees. Interest will be set at the long-term US Treasury bond rate plus 100 basis points, fixed at initial drawdown, with repayments starting in 2030.
Perpetua expects the project to create over 700 direct jobs annually and generate significant tax revenue for local communities. The funding follows extensive technical, financial, and environmental evaluations, including a 25-day congressional review period.