Australian Strategic Materials Ltd (ASX:ASM) has taken a major step forward in its Dubbo Project, securing a US$600 million debt funding package from the Export-Import Bank of the United States. This financial backing, coupled with a previous A$200 million Letter of Support from Export Finance Australia (EFA), underscores the strategic importance of critical minerals and rare earth elements for various high-tech applications and the global interest in securing their supply.
The Dubbo Project, located in Central West New South Wales, aims to extract and process these essential resources, which are pivotal for technological advancements and sustainable development. The Australian Government’s focus on critical minerals reflects a broader international trend towards securing supply chains for these crucial resources.
In addition to the substantial funding, ASM has contracted Bechtel Mining and Metals, Inc for Front-End Engineering Design (FEED) services. Bechtel will develop the project’s engineering design, integrating its extensive experience in constructing large-scale industrial projects. This collaboration will enhance the project’s feasibility and operational planning, setting the stage for its development and operational phases.
According to Rowena Smith, CEO and managing director of ASM, the secured funding and collaboration with Bechtel are ‘pivotal steps towards completing a comprehensive feasibility study for the Dubbo Project.’ The project’s progress aligns with the global push to secure supplies of critical minerals and rare earth elements for future technological and industrial use, as highlighted in the press release.
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