Africa-Press – Botswana. If it goes through, EXIM Bank’s financing will support activities at NexMetals’ Selebi and Selkirk mines, both previously producing operations.
NexMetals Mining Corp has received a non-binding letter of interest (LI) from the Export-Import Bank of the United States (EXIM), indicating potential financing of up to US$150 million for the redevelopment of its nickel-copper-cobalt-platinum group metal projects in Botswana.
If it goes through, the financing will support activities at NexMetals’ Selebi and Selkirk mines, both previously producing operations.
Repayment over 15 years
The LI outlines a possible loan structure with a repayment period of up to 15 years.
According to NexMetals, the funding would help advance its efforts to re-establish production of key critical minerals considered important to the global supply chain.
EXIM has also indicated that procurement of US-sourced goods and services for the two mines may qualify for special support under Section 402 of its 2019 reauthorisation.
This falls under the bank’s China and Transformational Exports Programme (CTEP), aimed at countering global competitors by supporting US exports in strategic sectors, including critical minerals.
So far LI non-binding
Despite the significance of the letter, EXIM has emphasided that the LI is not a formal commitment. Any future transaction would be subject to a full application, due diligence, and standard approval processes.
The letter does not reflect a final determination of the project’s financial or commercial viability.
In a company-issued statement, NexMetals CEO Morgan Lekstrom noted the geopolitical significance of the LI. He described it as a signal of growing US interest in Botswana as a stable and resource-rich jurisdiction.
“It clearly denotes the US government’s specific interest in Botswana, recognising both its rich mineral endowment and the scale of our high-grade projects,” he said.
Company background
NexMetals Mining Corp. is a mineral exploration and development company focused on critical metals in Botswana. It is currently working to restart operations at the Selebi and Selkirk sites.
The company’s leadership team includes individuals with more than 20 years of experience in geology, engineering and mining development.
NexMetals states that it prioritises transparency and accountability in its governance.
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