Jervois Global Limited reported that the United States’s (U.S) Export-Import Bank (EXIM) notified that the Idaho Cobalt Operations mine (ICO) qualifies for both the China and Transformational Exports Program (CTEP) and the Make More in America Initiative (MMIA).
EXIM has determined that Jervois’ ICO qualifies for CTEP under Section 402(B) of EXIM’s 2019 reauthorisation. EXIM has also determined that ICO would be appropriate for its MMIA domestic funding project.
EXIM has stated that if Jervois reactivates to complete construction and commission ICO, as well as remove any remaining hurdles that prevent EXIM from providing potential financial support, EXIM will be ready to move forward with its engagement with Jervois.
EXIM is the U.S. Government’s official export credit agency. It is an autonomous Executive Branch agency aiming to boost U.S. jobs by exporting U.S. goods and services.
CTEP was founded to assist U.S. exporters in dealing with Chinese competition and to guarantee the U.S. maintains leadership in critical industries. It advocates for the extension of EXIM loans, guarantees, and insurance at competitive rates and terms.
MMIA was created in response to President Biden’s Executive Order 14017 on American Supply Chains and provided additional access to capital for U.S. firms to fill significant supply gaps. EXIM’s Board of Directors authorised it in April 2022. MMIA aims to unlock finance U.S. manufacturing and overcome significant supply chain gaps, particularly in critical national security areas. MMIA allows EXIM to make available its medium- and long-term loans, loan guarantees, and insurance programmes to export-oriented domestic enterprises like ICO.
