VHM Limited (ASX: VHM) has announced it has received a Letter of Interest from the Export-Import Bank of the United States (EXIM) for potential project financing of up to US$200 million (approximately A$304 million). The funds are earmarked for the development of VHM’s Goschen Rare Earths and Mineral Sands Project in Victoria, Australia. VHM Limited is a rare earth and mineral sands company developing the Goschen Rare Earth and Mineral Sands Project, which is located in the Loddon Mallee Region of Victoria. The Goschen Project is a Tier 1 integrated rare earth and mineral sands project with globally significant mineral assemblage.
The non-binding Letter of Interest outlines a possible financing package featuring a maximum repayment term of 12 years. The agreement is contingent upon standard due diligence and compliance with EXIM’s program, legal, and eligibility requirements. VHM notes that this expression of interest highlights the Goschen Project’s strategic importance to U.S. supply chain resilience and transformational export areas.
The Goschen Project is under consideration as a candidate within EXIM’s Supply Chain Resiliency Initiative (SCRI), which supports projects contributing to secure and diversified supply chains for U.S. industries. Furthermore, the transaction may be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorisation, aimed at countering export support from specific countries and promoting U.S. leadership in transformational sectors.
Andrew King, Chief Executive Officer of VHM Limited, stated that the Letter of Interest from EXIM is a strong endorsement of the Goschen Project’s strategic importance to global supply chains. King added that it reflects increasing international recognition of VHM’s role in delivering critical minerals to key markets, and that engagement with Export Finance Australia and EXIM provides a clear pathway to secure long-term financing.
