Australian Strategic Materials (ASM) has received a non-binding and conditional Letter of Interest (LoI) from Canada’s official export credit agency, Export Development Canada (EDC), indicating support for EDC to provide a direct lending debt funding package of up to A$400 million for the construction and execution phase of its rare earths and critical minerals Dubbo Project.
Key points:
- EDC LoI is additional to A$200M Letter of Support received from EFA and the recently announced LoI from US EXIM for US$600M (A$923M).
- Recent interest stems from the strong policy alignment between Australia and North American jurisdictions.
- EDC’s LoI is supported by potential equipment and services supply from Canadian companies for the execution phase of the Dubbo Project.
- EDC’s indicative financial support increases sourcing flexibility and demonstrates the growing confidence in a shared financing for the Dubbo Project.
We are thrilled with the support received to date from prospective financiers for the Dubbo Project, especially this latest letter of interest from Export Development Canada. Our focus has been on building strategic partnerships in North America that support the development of our mine to metals strategy.
Rowena Smith, ASM Managing Director & CEO