American Tungsten (CSE:TUNG) has received a letter of interest from the US Export-Import Bank (EXIM) for up to US$25.5 million ($39.4 million) for development and milling activities at the IMA Tungsten Mine in Idaho, US.
The company has met initial requirements to receive the loan, which will hold a 15-year repayment term.
Earlier this week Mining.com.au reported that American Tungsten completed a C$18 capital raising to similarly cover development costs at the mine.
American Tungsten states that funding will help boost the local supply chain of tungsten.
The commodity plays a crucial role in the defence sector, often found in ammunition, missile components, and aerospace manufacturing.
American Tungsten is a Canadian explorer focused on tungsten and magnetite assets in North America.
Write to Maddison Elliott at Mining.com.au
Images: American Tungsten
