The LoI does not guarantee the financial or commercial success of the potential transaction. Credit: Nanang Sugi/Shutterstock.com.

Botswana-focused exploration and development company NexMetals Mining has received a non-binding letter of interest (LoI) from the Export-Import Bank of the United States (EXIM) for financing of up to $150m for its critical metals mine redevelopment projects in Botswana.

The LoI outlines a potential 15-year repayment tenure for the Selebi and Selkirk nickel-copper-cobalt-platinum group metal mines.

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The Selebi project consists of a single mining licence covering an area of 115km², while the Selkirk project licence covers an area of 14.6km² and four prospecting licences covering 126.7km².

NEXM CEO Morgan Lekstrom said: “This represents a willingness from the United States to fund critical metals projects in one of Africa’s safest and most stable jurisdictions. It clearly denotes the US Government’s specific interest in Botswana, recognising both its rich mineral endowment and the scale of our high-grade projects.

“Given the quality and size of our resources and the pace of current activity, we anticipate our aggressive growth trajectory to align with our shared objective of delivering new, sustainable sources of critical metals for the US and its allies contributing to the future of the global critical metals supply chain.”

EXIM’s letter also highlights that NexMetals’ procurement of US goods and services for the Selebi and Selkirk mines redevelopment could receive special consideration.

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This is in line with Section 402 of EXIM’s 2019 reauthorisation and the China and Transformational Exports Programme, which aims to counter China’s influence and support transformative US exports.

The LoI does not guarantee the financial or commercial success of the potential transaction.

NexMetals Mining will need to submit a formal application for financing, after which EXIM will conduct standard due diligence before any final commitment can be issued.

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