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IperionX Limited (NASDAQ:IPX, ASX: IPX)))is pleased to announce that it has received a Letter of Interest ("LOI") from the Export-Import Bank of the United States ("EXIM Bank") for the provisional sum of US$11.5 million in equipment finance with a repayment tenor of 7 years, for the development of IperionX's Titanium Production Facility in Halifax County, Virginia.
IperionX has received notification from EXIM that the proposed Titanium Production Facility may qualify for equipment finance under both EXIM's ‘China and Transformational Exports Program' and ‘Make More in America Initiative'. These two programs enable EXIM to extend its existing medium and long-term loan and loan guarantee programs to support projects that reduce Chinese dominance in strategic sectors and advance export-orientated domestic projects, such as IperionX's proposed Titanium Production Facility in Virginia.
IperionX intends to apply equipment finance from EXIM Bank towards key production assets including industrial furnaces and comminution equipment, expected to cost approximately $11.5 million.
IperionX plans to build a 125 metric ton per annum titanium production facility in Virginia, with first production expected in 2024. Once commissioned, IperionX intends to rapidly scale the capacity of this advanced titanium production facility – in a modular development approach – to 1,125 metric tons per annum on the same site in Virginia.
Titanium is prized for its high strength-to-weight ratio, resistance to high temperatures and corrosion. Titanium is a critical material for many U.S. defense systems and for a range of demanding applications in the aerospace, space, medical, consumer electronics, additive manufacturing, hydrogen and automotive sectors.
IperionX has the potential to deliver a full U.S. titanium supply chain from titanium mineral production to the manufacturing high performance titanium products, and the unique ability to use 100% recycled scrap titanium. IperionX can produce a wide range of titanium products - including titanium powder, ingots, bars, and plate – at higher energy efficiency, lower costs, and with lower environmental impacts.
While the LOI is non-binding and conditional, the potential funding support from EXIM Bank provides IperionX with a strong foundation as it advances a range of competitive funding options for its proposed Titanium Production Facility. IperionX does not intend to advise or update the market with respect to any EXIM Bank financial support application or discussion, unless the Company reaches a definitive agreement for U.S. government financial support.
Posted In: IPX
