US Bank Considers Giyani Loan for Kanye Manganese Project

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US Bank Considers Giyani Loan for Kanye Manganese Project
US Bank Considers Giyani Loan for Kanye Manganese Project

Africa-Press – Botswana. Giyani received a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to US$225 million in financing to support the construction of the project, the company has announced.

According to the announcement, the LOI, dated 6 June 2025, follows several months of engagement with EXIM and proposes up to US$225 million in long-term debt with a repayment period of up to 15 years.

Giyani is the developer of the K.Hill Battery-Grade Manganese Project in Kanye.

Offtake contracts key

The company said the potential funding falls under the Supply Chain Resilience Initiative, which aims to reduce US dependence on critical mineral supply chains controlled by the People’s Republic of China.

EXIM is the official Export Credit Agency (ECA) of the US government.

In a statement, Giyani noted that a key requirement to unlock the funding from EXIM is the securing of offtake contracts with US companies, which it described as a fundamental component of its strategy.

Giyani clarified that the LOI from EXIM is not a binding commitment to provide financing but rather an initial step in the formal application process.

Definitive Feasibility Study

The company stated that any potential debt financing remains contingent upon the successful completion of due diligence, agreement on final terms, and execution of definitive documentation, including a Definitive Feasibility Study (DFS).

Giyani added that the DFS is currently underway and is forecast to be completed in the first quarter of 2026.

Charles FitzRoy, President and CEO of Giyani, commented: “The receipt of the LOI from EXIM marks an important milestone on Giyani’s journey to securing project financing for the construction of the K.Hill Manganese Project.

Important milestone

“Giyani has held numerous discussions with EXIM which have culminated in the issuance of the LOI. Whilst this is the first step in the process of securing possible funding, this important milestone validates Giyani as a preferred strategic developer of battery-grade manganese products.

“We look forward to furthering our relationship with EXIM and other strategic partners as Giyani continues to diligently work towards its goals and ultimately maximise value for our stakeholders through the development of this vital critical minerals project.

“ECA funding is an important part of financing critical minerals projects, as it offers the potential to secure lower cost loans than traditional debt, with longer repayment periods.

“These types of structures can enable groups like Giyani to maximise value for shareholders by securing more attractive annual repayments for project financing.”

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