Australian Strategic gets debt funding for rare earths project (updated)

Australian Strategic Materials

26/04/2024 24:44

(Updates with further details, context throughout)
       April 26 (Reuters) - Australian Strategic Materials
 ASM.AX  said on Friday it has received a non-binding letter of
interest for a debt funding package of up to A$400 million
($260.84 million) from Canada's official export credit agency.
    The funding is for the development of its rare earths and
critical minerals Dubbo Project in New South Wales, the company
said.
    As per the letter of interest, debt provider Export
Development Canada will also supply equipment and services from
Canadian companies for the development of the Dubbo project.
    The offer comes amid rising interest from North American
parties in Australian miners, after Australia and North America
decided to set up an alternative critical minerals supply chain
between the two regions.
    "Our focus has been on building strategic partnerships in
North America that support the development of our mine to metals
strategy," said CEO Rowena Smith.
    The letter of interest will expire on 25 April 2025.
    
    
($1 = 1.5335 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Shailesh Kuber)
 ((Adwitiya.Srivastava@thomsonreuters.com;))