Titan Mining may get $120 million federal financing for New York graphite project

Titan Mining

07/10/2025 17:56

Oct 7 (Reuters) - Titan Mining TI.TO said on Tuesday it got a letter of interest from the U.S. Export-Import Bank for funding of about $120 million for its planned graphite mine in New York, as the country looks to boost domestic supply of critical minerals.

Shares of the zinc producer listed in Canada rose nearly 20% in afternoon trade.

In March, U.S. President Donald Trump invoked emergency powers to accelerate domestic production of critical minerals such as aluminum, cobalt, lithium, graphite, neodymium and dysprosium.

The executive order directed federal agencies, including EXIM, to expedite permitting, funding and supply agreements for the minerals.

EXIM issued the letter of interest after recognizing the Kilbourne Graphite Project in St. Lawrence County, New York, as a strategic U.S. critical-minerals asset.  The letter is non-binding and does not represent a financing commitment.

The potential financing, the repayment of which will be done over the next 12 years, will support Titan's planned 40,000-tonne-per-year commercial natural flake graphite mine.

 (Reporting by Pranav  Mathur in Bengaluru; Editing by Sahal Muhammed)

 ((Pranav.Mathur@thomsonreuters.com;))