American Tungsten & Antimony (ASX:AT4) has entered negotiations with the US Department of Energy (DOE) for potential funding of up to US$18 million ($25.45 million).
The company’s wholly owned subsidiary, Trigg Minerals (USA), has been selected under the Advanced Smelting Capacity for Expansion and National Dominance in Antimony (ASCEND-Sb) Project.
ASCEND-Sb is one of nine projects chosen under a US$162 million DOE program announced yesterday (18 August).
The funding program is administered by the DOE Advanced Mining and Mineral Production Technologies Office under the Infrastructure Investment and Jobs Act Mines & Metals Capacity Expansion program.
AT4 intends to work with the DOE to firm up the scope and terms of the funding package, particularly the allocation of funds to ASCEND-Sb and potentially other assets, including the Del Sol Refinery.
The company notes that selection for award negotiations does not constitute a commitment by the DOE to provide funding. The department states that funding will only be obligated on completion of negotiations and execution of an award agreement.
AT4 operates the Antimony Canyon Project in Utah, holds the Tennessee Mountain Tungsten Project in Nevada, and has agreements to acquire the Del Sol Refinery in Nevada and the White Spar Antimony Mine in Arizona.
The company says it will provide updates as negotiations progress.
American Tungsten & Antimony is focused on the exploration and development of antimony and tungsten projects in the US.
Write to Paula Fabe at Mining.com.au
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