Perpetua seeks $2.7 billion US loan for Idaho mine project

Perpetua Resources Corp. announced on Tuesday that it will notify Congress of a proposed $2.7 billion loan from the Export-Import Bank of the United States to help finance the Stibnite Gold Project in Idaho. The financing package includes a $2.2 billion direct loan for construction, exploration, and corporate costs, while the remaining portion is set to cover interest and fees. Combined with $714 million in existing cash on hand, the loan would cover the estimated $2.576 billion required to build the project. Following the announcement, shares of the company rose 6.5% to reach $47.62.

The proposed loan falls under the Export-Import Bank’s "Make More in America" program, which is designed to boost domestic production of strategic minerals and support industrial development within the country. The project has gained significant importance as the federal government seeks to establish a domestic supply of antimony. This move follows a decision by China last year to curb exports of the metal, which is essential for the production of ammunition, solar panels, and other industrial goods.