US-based miner Solidus Resources has received a letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for potential financing of up to $835m for the Spring Valley gold project in Pershing County, Nevada, US.
This support aligns with EXIM’s Make More in America initiative and China and Transformational Exports Program, both of which aim to enhance domestic mineral production and industrial revitalisation.
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Isser Elishis, chairman and CEO of Waterton Mining, Solidus’ owner, said: “The Spring Valley project will be Nevada’s next long-life heap leach gold mine. The significance of this transaction will be far-reaching, boosting domestic non-fuel mineral production, creating thousands of high-paying jobs, increasing significantly both local wages and tax revenues, and enhancing US mining competitiveness.”
Elishis noted that the Spring Valley project is being considered for financing by EXIM following Executive Orders to boost domestic mineral production.
The project is expected to contribute to strategic mineral onshoring, promote US-based mining technology, and increase US-manufactured equipment and services exports, Elishis added.
The results from the project’s feasibility study, announced in February 2025, highlight a ten-year life of mine (LOM) with annual gold production averaging more than 300,000oz, peaking at 348,000oz in the first five years.
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By GlobalDataThe all-in sustaining costs are estimated at $1,103/oz of gold, with initial capital expenditures of $823m.
The Spring Valley operation is designed as a simple heap leach process with a single large open-pit mine. The ore is highly amenable to heap leaching, with a LOM strip ratio of 2.9:1.
The project is estimated to contain mineral reserves of 3.8 million ounces (moz) at 0.016oz per tonne. Indicated resources are estimated at 4.4moz and inferred resources at 600,000oz, with potential for further exploration.
Spring Valley is on schedule to receive all necessary permits for construction and operations this year.
