What's Happening?
Locksley Resources has received a letter of interest from the U.S. Export-Import Bank (EXIM) for potential financing of up to $191 million to support its Mojave Project in California. The financing is
contingent upon meeting underwriting criteria and completing due diligence. The company plans to use the funds to advance mine development and downstream processing, aiming for commercial production at a pilot scale. Locksley is also seeking additional government and institutional support. CEO Kerrie Matthews emphasized the strategic importance of the project, which aligns with U.S. government initiatives to rebuild domestic critical minerals capability.
Why It's Important?
The EXIM support for Locksley's Mojave Project underscores the U.S. government's commitment to enhancing domestic critical minerals supply chains. This move is part of a broader strategy to reduce reliance on foreign sources, particularly in light of export bans from countries like China. The project is strategically significant as it aims to produce U.S.-made antimony, a critical mineral. The financial backing from EXIM and the alignment with White House priorities highlight the project's potential to contribute to U.S. economic and defense security. Successful development could position Locksley as a key player in the critical minerals sector.
What's Next?
Locksley Resources will proceed with securing the necessary approvals and completing due diligence to finalize the EXIM financing. The company plans to engage in discussions with government and industry partners to further its mine-to-market strategy. Upcoming meetings in Washington DC will focus on advancing collaboration strategies. The successful production of American-made antimony ingots marks a significant milestone, and further developments in the Mojave Project could lead to increased production and supply chain independence for the U.S.
