US and Australian agencies signal $600m support for Tronox REE expansion
Mineral sands miner Tronox has secured conditional and nonbinding expressions of support from the export credit agencies of the US and Australia for potential financing of up to $600-million to advance its rare earths development strategy.
The coordinated letters of support and interest from Export-Import Bank of the United States (Exim) and Export Finance Australia (EFA) were issued under the two countries’ new critical minerals cooperation framework, announced in October.
The agencies said the indicative support aligns with efforts to build secure, Western-aligned supply chains for rare earths used in permanent magnets, defence systems, energy technologies and advanced manufacturing.
The financing, if ultimately approved, would target mine extensions, infrastructure and the construction of cracking and leaching capacity tied to Tronox’s growing rare-earth ambitions. The company has completed a prefeasibility study and is progressing a definitive feasibility study for a proposed cracking and leaching facility in Western Australia that would produce a mixed rare earth carbonate containing both light and heavy elements.
“This announcement represents a significant milestone in advancing the expansion of Tronox's minerals processing operations to produce rare-earth elements (REEs) for customers that are critical to permanent magnet, defence, energy, and advanced technology industries,” said Tronox CEO John Romano.
He added that the interest from EFA and Exim “highlight[s] the opportunity for Tronox to assume a leading role as a supplier of REEs to support the critical mineral strategies of Australia and the United States”.
EFA MD and CEO John Hopkins said the agency’s letter aligned with its mandate to support Australia’s critical minerals sector.
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