Nevada copper project draws $896 million US financing interest

A Nevada mining project has attracted the attention of the Export-Import Bank of the United States, which is showing interest in offering $896 million to support a company seeking to build a copper and molybdenum mine.

Pathfinder Tonopah, a closely held Nevada-based mining company, said on Tuesday it had received the non-binding indicative letter of interest from Ex-Im, the official export credit agency of the US. The company said the financing would support the construction of a mining and processing facility to produce copper cathode, molybdenum concentrate and other products on the Tonopah, Nevada, site, which has existing infrastructure, including water rights, power connections, and paved road access.

The deposit is Pathfinder Tonopah’s sole mining project, a former mine where previous owners extracted molybdenum in the 1980s and 1990s. The company has completed a preliminary economic assessment for the new project and is now seeking permits to build the mine.

The letter of interest from the US government bank comes as the Trump administration seeks to revive domestic mining of copper, a ubiquitous metal used in everything from home wiring to solar equipment. The Trump administration has sought to fast-track mining projects across the country and has weighed tariffs on copper imports to spur domestic production.

(By Jacob Lorinc)