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(Alliance News) - GreenRoc Mining PLC announced on Monday it has been considered for financing by the US Export-Import Bank, to fund its major projects in Greenland.
The London-based developer of critical mineral projects in Greenland received a letter of interest from the US Export-Import Bank, which have considered financing GreenRoc for up to USD3.5 million in US export contracts.
The US EXIM Bank is the export credit agency for the US, facilitating the export of US goods and services.
The funding would contribute to the running of pre-feasibility and definitive feasibility studies for GreenRoc's Amitsoq graphite mine in Southern Greenland, as well as at the graphite active anode processing plant. It would also potentially contribute to the processing of large graphite bulk samples by US-based contractors.
A confirmation of financing by the US EXIM Bank requires a specific application to be made by GreenRoc.
Chief executive officer of GreenRoc Mining Stefan Bernstein said: "This letter of interest from US EXIM Bank represents a strong show of support for our Amitsoq project from one of the key financing bodies of the US government involved in the roll-out of loans and other funding support under the US Inflation Reduction Act to entities, like GreenRoc, which are developing projects which will deliver critical raw materials to Western economies.
"A successful application for up to USD3.5 million of funding would allow us to undertake extensive and costly parts of our work programme over the coming couple of years and to achieve important milestones such as the pre-feasibility study, the definitive feasibility study and the processing of large bulk samples of graphite ore, all of which are critical paths to production. As such, we expect to proceed with an application to US EXIM Bank in the near future.
"With the US Inflation Reduction Act's rules of origin in relation to graphite set to be implemented in the near future, we expect to see increased interest from US industries in securing friendly sources of graphite, and so this letter of interest from US EXIM Bank is timely."
GreenRoc Mining shares rose 7.8% to 1.72 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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