IperionX secures $11.5 million finance from EXIM Bank for US titanium production
October 23, 2023
IperionX Limited, based in Charlotte, North Carolina, USA, reports it has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for a provisional finance sum of $11.5 million. The company is looking to acquire key production assets, such as industrial furnaces and comminution equipment, as it develops its Titanium Production Facility in Halifax County, Virginia, USA.
IperionX received notification from EXIM that its proposed titanium facility may qualify for equipment finance under two programmes: EXIM’s ‘China and Transformational Exports Program’ and ‘Make More in America Initiative’. These programmes allow EXIM to extend its medium and long-term loan and loan guarantee programmes to support projects that aim to reduce Chinese dominance in strategic sectors and promote export-oriented domestic projects.
“Titanium for the US manufacturing sector is currently sourced over long distances from foreign nations,” stated Anastasios (Taso) Arima, IperionX CEO. “We are pleased to receive the letter of interest for the provisional sum of US$11.5 million in equipment finance from US EXIM that will assist IperionX to re-shore a lower-cost, more sustainable and fully integrated US titanium supply chain that is critical both for the manufacturing of advanced goods as well as for America’s national security.”
The titanium production facility in Virginia will have a capacity of 125 metric tons per annum and is expected to begin production in 2024. Once operational, IperionX intends to scale capacity up to 1,125 metric tons per annum, following a modular development approach.
IperionX believes it has the potential to establish a complete US titanium supply chain, starting from titanium mineral production and extending to the manufacturing of high-performance titanium products. The company’s production process has the capability to utilise 100% recycled scrap titanium, and allows it to produce a wide range of titanium products, such as titanium powder, ingots, bars, and plates, with higher energy efficiency, reduced costs, and minimised environmental impacts.
While the LOI is non-binding and conditional, IperionX stated that the potential funding support from EXIM Bank gives a solid foundation as the company explores various competitive funding options for its proposed Titanium Production Facility.
