ASM advances rare earths project with US EXIM’s USD 600M venture

Australian Strategic Materials Limited announced the reception of a non-binding and conditional Letter of Interest from the Export-Import Bank of the United States, outlining a debt funding package of up to USD 600 million for the construction and execution phase of the Dubbo Project, focusing on rare earths and critical minerals.

The support from US EXIM is contingent upon the potential US content in the construction phase and the crucial role the Dubbo Project can play in the critical minerals supply chain.

However, the LoI remains subject to completion of due diligence by US EXIM and ASM obtaining all necessary approvals for the Dubbo Project.

Through the Australia-US Taskforce on Critical Minerals, Australia and the US have deepened their partnership in fostering secure and sustainable critical mineral supply chains.

Minister Madeleine King’s leadership on the Taskforce and her recent advocacy in North America on Australian critical minerals projects have further bolstered cooperation, providing access to new funding opportunities aligned with the bilateral objectives of both countries.

“The Dubbo Project is a globally significant rare earths and critical minerals asset, well positioned to support the joint objective of Australia and the US to develop and expand reliable, responsible and secure global access to critical minerals,” said ASM Managing Director and CEO, Ms Rowena Smith.

Smith further remarked, “US EXIM’s letter of interest for the construction phase of the Dubbo Project follows Export Finance Australia’s (EFA) previous conditional finance support of A$200 million debt funding for the same project, reinforcing the commitment to advancing critical minerals initiatives on an international scale.”