Latest news with #EXIM
News18
21 hours ago
- Business
- News18
India Weighs Disruption Scenarios In Strait Of Hormuz, Prepares Backup Plans
Last Updated: Commerce Secretary meets officials and exporters as Iran Israel conflict threatens global oil chokepoint. The government is well prepared as far as the possibility of the closure of the critical trade route of Strait of Hormuz is concerned. This narrow stretch of sea might seem far from India but what happens there can directly impact your fuel bill, business and even stock market investments. The Strait of Hormuz is located between Iran to the north and Oman and the United Arab Emirates (UAE) to the south. It connects the Persian Gulf to the Gulf of Oman and then to the Arabian Sea. In view of the fact that trade could be affected or the stakeholders and exporters may have to look for new routes which need not be cost effective the commerce ministry held a meeting with the stakeholders. Sources say that the Commerce Secretary Sunil Barthwal held a meeting with concerned stakeholders and departments to discuss the impact of the Iran Israel conflict on India's trade and the actions needed to normalise it. The participants were informed that the situation in the Strait of Hormuz is at present stable, but nothing was being left to chance. The ship reporting system has been put in place to monitor any incidents. The freight and insurance rates are also being closely monitored. Apart from this the Commerce Secretary also stressed on the need to assess the evolving situation and its impact on Indian EXIM trade. He also highlighted the importance of exploring all possible alternatives in response to the situation. Sources said that India is also actively exploring alternative crude supply routes beyond the Persian Gulf to avoid short term disruptions if geopolitical tensions worsen. If implemented these decisions could impact major fuel importing nations from Singapore to the US. India is one of the largest exporters of petroleum products. In a worst-case scenario involving the closure of Hormuz government sources said these exports could be curtailed to maintain India's internal reserves and also to ensure we don't fall short of oil supplies. The government at the meeting today was optimistic of the fact that in the last 50 years despite crisis the Strait has never closed down. And with China using this route in a big way and extensively Iran may not be keen to close the Strait. But the Commerce Ministry is taking no chances and is closely monitoring the situation. First Published:
Globe and Mail
a day ago
- Business
- Globe and Mail
The Export-Import Bank of the United States approves US$15.8 Million Financing for ESM to Advance Zinc and Critical Minerals Production in New York
VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce that the Export-Import Bank of the United States ('EXIM') has approved a US$15.8 million financing for its wholly owned subsidiary, Empire State Mines LLC ('ESM'), to fund critical capital development in support of expanding zinc production and advancing ESM's critical minerals portfolio in St. Lawrence County, New York. This marks EXIM's first direct mining transaction under the Make More in America Initiative ('MMIA'), a landmark federal initiative aimed at reshoring industrial capacity, securing U.S. supply chains for critical materials and expanding the domestic manufacturing base. Highlights: EXIM's first mining loan under MMIA, signaling federal recognition of Titan's role in restoring domestic mineral production First step in a strategic financing partnership as Titan develops the first integrated natural flake graphite operations in the United States since 1956 Long-term, fixed-rate financing (7-year tenor, 2-year interest-only grace period) to support zinc expansion, whilst ESM is focused on graphite facility build-out Funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite Job creation and retention commitments: 135 jobs retained, and 10 new positions targeted under EXIM requirements Efficient balance sheet structuring with Titan retaining flexibility for future growth and financings Don Taylor, CEO of Titan commented: 'This financing marks a major step forward for Titan and the Empire State Mine. It enables us to further expand zinc production, accelerate our graphite development, and importantly, retain 135+ high-quality jobs in upstate New York while creating new skilled positions as we grow. EXIM's support reflects the strategic importance of our assets and validates our long-term vision.' Rita Adiani, President of Titan commented: 'This is a foundational milestone—not just for Titan, but for U.S. mineral policy. With this EXIM facility, we're building a secure, transparent supply of critical minerals and investing in energy and defense supply chains. We're proud to be EXIM's first mining partner under Make More in America.' 'I am proud that the Board approved our eighth Make More in America transaction,' said Acting President and Chairman James Cruse. 'This deal underscores EXIM's commitment to strengthening U.S. supply chains, competing with the People's Republic of China, and supporting good-paying American jobs.' About EXIM Established in 2022, the Make More in America initiative (MMIA) directs an all-of-government approach to assessing vulnerabilities in, and strengthening the resilience of, the United States' critical supply chains. By leveraging its existing financing capabilities, with priority given to small businesses and transformational export areas, including critical minerals, EXIM is working to help level the playing field for American companies competing in overseas markets, especially those with export-oriented domestic manufacturing nexuses. About Titan Mining Corporation Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan's goal is to deliver shareholder value through operational excellence, development and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain. For more information on the Company, please visit our website at Contact For further information, please contact: Investor Relations: Email: info@ Cautionary Note Regarding Forward-Looking Information Certain statements and information contained in this new release constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM; Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite; future growth and financings; and expansion of zinc operations and the reestablishment of U.S. natural graphite production. When used in this news release words such as 'to be', "will", "planned", "expected", "potential", and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of zinc and graphite; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in New York State; risks due to legal proceedings; risks related to operation of mining projects generally and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the PEA; our experience with regulators; political and social support of the mining industry in New York State; our experience and knowledge of the New York State mining industry and our expectations of economic conditions and the price of zinc and graphite; demand for graphite; exploration results; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Yahoo
2 days ago
- Business
- Yahoo
Perpetua Resources closes $425m financing to fund Stibnite Gold Project
Perpetua Resources has closed an upsized public offering and a private placement, raising $425m in financing to advance the Stibnite Gold Project in the US. The company announced the closure of its upsized $325m public offering of 24,622,000 common shares at $13.20 each. Concurrently, a $100m private placement of 7,575,757 common shares to Paulson & Co. was also completed. National Bank of Canada Financial Markets and BMO Capital Markets served as the joint lead bookrunning managers for the offering. This financing is in conjunction with an application for up to $2bn in project financing from the Export-Import Bank of the United States (EXIM), submitted in May 2025. The funds will contribute to equity requirements for the EXIM debt financing, with additional funds supporting exploration, working capital and general corporate purposes. The due diligence on the EXIM application is ongoing, with the debt financing's closure anticipated in 2026. If successful, the financing will cover the project's construction costs of $2.2bn, along with additional funds for cost overruns, debt service and working capital. Furthermore, Perpetua is in advanced discussions regarding financial assurances for reclamation bonds. The company is seeking a $155m guarantee and indemnification, alongside proceeds of $200m–250m, in exchange for a gold net smelter return royalty or a gold stream. This arrangement is expected to be finalised in summer 2025 and will enable the company to meet financial assurance conditions for federal and state permits. Additionally, the underwriters have been granted an option to purchase up to an additional 3,693,300 common shares, which could increase the aggregate gross proceeds of the offering to approximately $374m if exercised in full. "Perpetua Resources closes $425m financing to fund Stibnite Gold Project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
3 days ago
- Business
- News.com.au
Resources Top 5: Lithium Universe takes up challenge of recycling spent solar panels
Lithium Universe is securing exclusive licensing rights to Microwave Joule Heating Technology A US$120m LOI from EXIM will assist in developing the Tanbreez REE project Gold and antimony have been identified in data from historical drilling and rock chips at Falchion prospect Your standout small cap resources stocks for Wednesday, June 18, 2025 Lithium Universe (ASX:LU7) The increasing global focus on reducing carbon emissions and limiting fossil fuel use by adopting renewable energy sources, including solar power, generates news on a daily basis but little attention is paid to what happens to the spent solar panels and the valuable metals they contain. It makes plenty of sense in the quest for a cleaner, greener world that more attention is paid to address the issue of waste from spent panels. Panels have a life of 25-30 years and the industry will increasingly face the growing challenge of managing solar panel waste and recovering valuable materials. One company taking up the challenge is Lithium Universe, which has executed a binding agreement to acquire the global rights to a patented photovoltaic solar panel recycling technology. This has been greeted positively by investors with LU7 shares doubling to 1.2c before easing back to 1c at the close, a 66.67% increase on the pre-trading halt close. LU7 will acquire Australian-incorporated holding company New Age Minerals to secure exclusive licensing rights to Microwave Joule Heating Technology (MJHT) under an agreement with Macquarie University, which developed the technology. MJHT uses microwave technology to selectively heat silicon to soften the EVA encapsulant in solar panels, enabling easy delamination and potential recovery of valuable materials at room temperature. This avoids the need for extreme heat of up to 1400 degrees C that's typically required to separate materials like glass and silicon as well as the use of costly hazardous chemicals such as nitric acid, sulphuric acid and hydrogen fluoride used in traditional processes. Adding interest for Lithium Universe (ASX:LU7), delamination enables selective separation of materials without the need for mechanical crushing, which often results in cross-contaminated material and lower recovery rates. It is also particularly effective for the recovery of silver as it preserves the silver contacts embedded within the cell layers, enabling nearly complete extraction. This is hugely important as growing demand for silver in industrial uses has meant that the market now faces supply shortfalls, which leads to significant price increases. 'I am thrilled about the acquisition of Macquarie University's Microwave Joule Heating Technology and the opportunity to potentially extract critical metals such as silver from solar panel recycling,' executive chairman Iggy Tan said. 'The need for effective PV recycling has never been greater, with only 15% of panels currently being recycled. 'The mass accumulation of solar panel waste in landfills is a growing problem, as valuable critical metals like silver, silicon, gallium and indium are left behind, contributing to both resource depletion and environmental harm. 'Microwave technology offers a promising solution to these challenges, enabling higher recovery rates and more sustainable recycling processes. 'We firmly believe that this technology represents the future of solar panel waste management. 'We are eager to collaborate with the Macquarie team to develop a more efficient and cost-effective recycling process.' Currently, just 15% of used panels are recycled – with the rest accumulating in landfills – due to complex processes, high-temperature furnaces, toxic chemicals and poor recovery yields required for traditional processes. This is concerning as the International Energy Agency has flagged that global waste PV modules will amount to 1.7-8Mt cumulatively by 2030 and 60-78Mt cumulatively by 2050. Panels can contain harmful materials like cadmium and lead, which may leak into the ground and water when dumped in landfills. Recycling panels enables the recovery of valuable minerals such as silver, silicon, gallium and indium while cutting down on pollution. European Lithium (ASX:EUR) A US$120 million letter of interest from the Export-Import Bank of the United States has been received by Critical Metals Corp to assist in developing the Tanbreez rare earths project in Greenland. As the largest shareholder in Critical Metals with a stake of around 63%, European Lithium has welcomed the LOI as have shareholders, who sent shares to a high of 6.9c, a 57% increase on the previous EUR close. EUR closed at 6.4c, an increase of 45.45% on the pre-trading halt finish, with almost 40m changing hands. 'This is a huge milestone for the Tanbreez project. The flow-on effect to European Lithium is enormous,' said EUR's executive chairman Tony Sage. 'As of close of Nasdaq trading yesterday , the company's shareholding in Critical Metals was valued at approximately A$305 million.' Tanbreez, which is one of the world's largest rare earth deposits, hosts elevated concentrations of high-value magnet rare earth oxides including neodymium, praseodymium, dysprosium and terbium, which are significantly more valuable than light rare earths. The EXIM funding proposal highlights the strategic importance of the Tanbreez project in bolstering Western supply chains for critical minerals, particularly rare earth elements. EXIM is the official export credit agency of the United States, offering financing tools including loans, guarantees and insurance to facilitate international trade to strengthen the US economy and support jobs across the country. This funding, if it proceeds, is expected to be used to develop the project, and European Lithium stands to benefit substantially via its shareholding in Critical Metals. The proposed package has a 15-year term and is subject to key development milestones including permitting, feasibility studies and environmental assessments. In order for the LOI to be converted to a binding financing agreement, EXIM will need to complete due diligence investigations. iTech Minerals (ASX:ITM) Gold and antimony have been identified by iTech Minerals in data from historical drilling and rock chips at Falchion prospect of its Reynolds Range project in the NT, prompting a 41% jump in shares to a high of 3.8c before closing up 14.81% at 3.1c. Previous exploration at Reynolds Range in the 1990s was conducted primarily by Poseidon Gold, Exodus Minerals, North Flinders Mines, Normandy and Newmont. Historical drill holes at Falchion were assessed for gold but not routinely analysed for antimony. In a review of data, ITM has revealed historical mineralisation over a strike of 400m and this is open to the east. Notable results include: 22m at 2.20g/t gold and 2.3% antimony and 8m at 1.3g/t Au including 2m at 12.35g/t Au and 5.4% Sb; 24m at 2.75g/t Au; 10m at 1.29g/t Au; and 7m at 1.4g/t Au. A review of the controls on gold and antimony mineralisation has identified multiple prospective structures in the surrounding region and this new geological interpretation allows for expanded gold prospectivity at Falchion and surrounding prospects. iTech Minerals (ASX:ITM) has identified more than 18km of prospective structures coincident with a regional 6.5km-long antimony in lag soil anomaly. 'A review of historical drilling at the Falchion gold-antimony prospect has identified up to 400m of mineralised strike just 1.4km from the 800m-long Sabre gold antimony prospect to the east,' managing director Mike Schwarz said. 'Importantly the Falchion prospect remains open at depth and to the east. 'Up to 18km of prospective structures have been identified in the region based on similarities to the Falchion and Sabre prospects.' Mapping and sampling of the newly identified prospective structures is planned to help define targets with potential for economic mineralisation. Drilling is expected to begin in the second half of 2025. Warriedar Resources (ASX:WA8) Visible gold has been encountered by Warriedar Resources in a diamond drill hole at Ricciardo gold-antimony deposit within the flagship Golden Range project with subsequent assays returning 2m at 116.3 g/t gold from 151m, including 0.2m at 1,148 g/t. The results from the Ardmore end of the project in WA's Murchison region saw shares hit a new two-year high of 13.5c, an increase of 17.39%. This represents a key development in the exploration of Ricciardo as it is the first time visible gold has been returned in Warriedar's drilling and demonstrates the potential to host significant free-milling gold. Two diamond drill rigs have been onsite at Golden Range, drilling at the Windinne Well and M1 deposits while an RC rig started drilling at Ricciardo earlier this week, marking the start of the Ricciardo fast-tracked program. Stage 1 of this program involves drilling 105 holes for about 29,000m, using four rigs concurrently. 'The identification of visible gold is always an exciting development in exploration. However, in this case the primary excitement is in what it might actually represent for Ricciardo moving forward,' Warriedar managing director and CEO Amanda Buckingham said. 'The potential existence of significant zones of high-grade, free-milling material within primary mineralisation at Ricciardo would be a further game-changer for its development.' NewPeak Metals (ASX:NPM) In welcoming progress made by Lakes Blue Energy with its gas supply strategy in Victoria's Gippsland region, NewPeak Metals reached 1.9c, up 46.15% on the previous close, and closed at 1.8c. NewPeak is the largest shareholder in Lakes with a stake of around 16.3%. Lakes is undertaking a fully underwritten institutional placement with firm commitments received to raise about $6.5m, subject to reinstatement to trading on the ASX. It has been approved to relist on or about June 24, 2025, and is also moving toward drilling the Wombat-5 well in the Gippsland basin, close to existing gas pipeline infrastructure. Lakes has received consent from the Victorian State Minister for Energy and Resources to drill the appraisal well in Petroleum Retention Lease 2, subject to the agreeing and payment of rehabilitation bonds. A drill rig supply agreement has been entered into, with an estimated spudding date of the week of July 21, 2025. The well is budgeted at $7.5m and an independent assessment of the properties of the reservoir suggests target rates of up to ~10TJ/day are achievable. NewPeak said it remained supportive of Lakes' strategy in the Gippsland Basin and looked forward to Lakes progressing towards drilling Wombat-5, which had potential to provide additional supply into the Australian East Coast domestic gas market from as early as 2026.
The Market Online
4 days ago
- Business
- The Market Online
Perpetua closes upsized $425M financing to advance Stibnite Gold Project
Perpetua Resources (TSX:PPTA) has closed its upsized public offering of 24,622,000 common shares, raising gross proceeds of approximately US$325 million At the same time, the company completed a US$100 million private placement of 7,575,757 common shares to Paulson & Co. Inc., a long-standing strategic investor Perpetua intends to use the proceeds from both the public offering and the private placement to support the development of its flagship Stibnite Gold Project in Idaho Perpetua Resources stock (TSX:PPTA) last traded at C$2.41 Perpetua Resources (TSX:PPTA) has successfully closed its upsized public offering of 24,622,000 common shares, raising gross proceeds of approximately US$325 million at a price of US$13.20 per share. At the same time, the company completed a US$100 million private placement of 7,575,757 common shares to Paulson & Co. Inc., a long-standing strategic investor. The public offering was led by National Bank of Canada Financial Markets and BMO Capital Markets as joint lead bookrunning managers. RBC Capital Markets and Cantor Fitzgerald & Co. served as joint bookrunning managers, with B. Riley Securities, CIBC Capital Markets, H.C. Wainwright & Co., Roth Capital Partners, and Scotiabank acting as co-managers. Perpetua intends to use the proceeds from both the public offering and the private placement to support the development of its flagship Stibnite Gold Project in Idaho. The funds will contribute toward equity requirements for a previously announced application for up to US$2 billion in project financing from the Export-Import Bank of the United States (EXIM), submitted in May 2025. Additional proceeds will be allocated to exploration, working capital, and general corporate purposes. In a media statement, the company noted that EXIM's due diligence process is ongoing, with a potential debt financing close anticipated in 2026. If successful, the combined equity and debt financing, along with a proposed royalty or streaming agreement, is expected to fully fund the estimated US$2.2 billion construction cost of the Stibnite Gold Project. Perpetua is also in advanced negotiations to secure a US$155 million guarantee and indemnification to meet reclamation bonding requirements. In exchange, the company is considering issuing a gold net smelter return (NSR) royalty of up to 3.9% or a gold stream, with potential buyback provisions. This financial assurance is expected to satisfy federal and state permitting conditions and enable construction to begin later in 2025. The underwriters have also been granted a 30-day option to purchase up to an additional 3,693,300 common shares, which could increase the gross proceeds of the offering to approximately US$374 million if fully exercised. Perpetua Resources explores, restores and redevelops gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. Perpetua Resources stock (TSX:PPTA) last traded at C$2.41 and has risen 14.65 per cent since the year began and has also grown 86.94 per cent since time last year. Join the discussion: Find out what investors are saying about this gold and antimony stock on the Perpetua Resources Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
