Nova Minerals (ASX:NVA) expects a new US$249 million ($355 million) Alaskan rail extension grant to connect its planned antimony refinery at Port MacKenzie to the interior.
US Department of Transportation Secretary Sean Duffy announced the federal grant on 19 October at Port MacKenzie to fund the final stages of the Port MacKenzie rail extension.
The grant covers about 80% of the US$311 million project, with state and local partners contributing the remaining US$62 million.
The new 51km line connects Port MacKenzie to the Alaska Railroad Corporation main line. A direct rail siding will allow Nova to transport feedstock directly to its roughly 17.3-hectare antimony refining and processing site, located approximately 3.9km from the port.
Duffy says the department intends to disburse funds rapidly.
“We are going to move this grant at Trump speed,” Duffy says.
“What that means is we want to get this out by spring. We want to be turning dirt.
“Alaska is America’s natural resource powerhouse, but the state needs strong infrastructure to get those resources from point A to point B safely, reliably, and efficiently.”
The funding follows recent infrastructure investment around the port, including US$7.8 million to expand barge haul-out and loading capacity and US$34 million for port expansion. Asian offtake partners have also made multibillion-dollar funding commitments to the Alaska LNG Project.
Funding, permitting, and studies are also progressing for the West Susitna Access Road Project, which connects to Nova’s Estelle Gold and Critical Minerals Project.
US Senator Dan Sullivan says the rail link is a step toward developing Alaska’s resource potential.
“Alaska has enormous deposits of critical minerals … but having these resources isn’t enough. We need the infrastructure to develop them responsibly and get them to market,” Sullivan says.
CEO Christopher Gerteisen says the rail extension will improve supply chain efficiency.
“Nova Minerals will directly benefit from the speed and efficiency enabled by the Port MacKenzie rail extension, with our planned antimony processing and refining facility linking up to the rail extension,” Gerteisen says.
“Nova’s antimony facility will form part of the United States’ first modern, secure, fully integrated antimony supply chain in decades — from mine to end users in defence, technology, and other advanced applications supporting both national and economic security.”
Estelle sits in Alaska’s Tintina Gold Belt and hosts two defined multimillion-ounce gold resources across a 35km mineralised trend.
The company is developing its antimony supply chain under a US$43.4 million US Department of War award, targeting production in 2027.
Nova Minerals is an explorer and developer focused on advancing its flagship Estelle Gold and Critical Minerals Project in Alaska.
Write to Paula Fabe at Mining.com.au
Main image: Nova Minerals
