Titan Mining Corporation has announced that the Export-Import Bank of the United States (EXIM) has shown interest in providing up to $120m in financing.
This support is part of the Make More in America (MMIA) initiative for Titan’s Kilbourne Graphite Project in St. Lawrence County, New York.
In addition to the EXIM MMIA process, Titan is collaborating with US Government agencies including the Department of War and Department of Energy.
This collaboration is focused on strategic funding and policy programmes to incentivise domestic production and secure resilient supply chains for critical minerals.
A commitment package from EXIM would cover a significant portion of the capital needed for the Kilbourne Project.
The project would also be able to leverage federal support and Titan’s strong cash flow from its Empire State Mines zinc operations.
Titan anticipates the financing structure to be capital-efficient for its shareholders.
EXIM has issued a letter of interest (LoI) recognising the Kilbourne Project as a strategic US critical-minerals asset. This aligns with national priorities, aiming to create quality US jobs and strengthen US supply chain resilience.
The potential financing would support the construction of a 40,000-tonne-per-annum (tpa) commercial natural flake graphite facility near Titan’s Empire State Mines zinc complex.
Under the indicative terms, EXIM would consider a direct loan of up to $120m with a repayment period of approximately 12 years, including an interest-only period.
The direct loan would reference the commercial interest reference rate, which is presently around 5%, and would undergo EXIM’s standard due diligence, environmental and policy review processes before final board approval.
Titan Mining president and CEO Rita Adiani stated: “We are proud to expand our partnership with EXIM as we advance the Kilbourne Graphite Project – an asset that will create high-quality US jobs, strengthen critical-mineral supply chains, and position Titan as the leading fully integrated natural flake graphite producer in the United States.”
EXIM’s MMIA initiative supports domestic manufacturing and critical infrastructure investments to enhance US competitiveness, job creation and export potential.
Titan previously received EXIM support for its Empire State Mines zinc operations.
Issued before the recent government shutdown, the LoI is of a non-binding nature and does not indicate a financing commitment.
Titan stated that it will continue to work with EXIM’s MMIA team to advance due diligence and structure a definitive financing package for the Kilbourne Project in the coming months.
Titan, an Augusta Group company, produces zinc concentrate at its Empire State Mine in New York. It is also an emerging natural flake graphite producer.
