USSM has an has an offtake relationship with Glencore (LON: GLEN) and in August was tapped by the Export-Import Financial institution of america for a mortgage package deal price $400 million with a time period of 15 years to help the event of its mining and metallurgical undertaking in Missouri.
The corporate plans to mine what it considers to be the most important cobalt reserve in North America. It holds an 18-year mineral provide of cobalt (plus nickel and copper) on a 7.3-square-kilometre website, often known as the Madison mine undertaking.
USSM is constructing a big crucial steel provide chain, offering dependable, traceable and conflict-free battery metals to the US, CEO Stacy Hastie stated in a information launch.
“USSM goals to considerably increase manufacturing within the coming years and, as such, is efficiently growing relationships with uncooked supplies suppliers to permit it to satisfy quickly rising crucial steel demand,” Hastie stated.
“Stillwater West suits this mandate extraordinarily properly, for its scale, grade and suite of crucial minerals, practically all of which the US is closely reliant upon imports,” she stated. “Stillwater West is likely one of the most vital potential future sources of not less than eight crucial minerals and its growth is completely consistent with the US authorities’s mandate on securing home provide of those supplies in addition to USSM’s inner growth mandates.”
Stillwater Important Minerals CEO Michael Rowley stated the MOU has the potential to speed up vital engineering and metallurgical research and follow-on to the corporate’s increasing base of presidency grant funding and partnerships with the US Geological Survey, Cornell College, and Lawrence Berkeley Nationwide Laboratory for CO2 sequestration, hydrogen, and hydrometallurgical research.
“This MOU additionally displays our broad alignment on ESG values and a shared imaginative and prescient for a large-scale, low-carbon American crucial mineral provide chain based mostly in an iconic and famously metal-rich US mining district that has produced crucial minerals for over a century,” Rowley stated.