The proposed titanium production facility may qualify for equipment finance under both EXIM’s ‘China and Transformational Exports Program’ and ‘Make More in America Initiative’. These two programs enable EXIM to extend its existing medium and long-term loan and loan guarantee programs to support projects that reduce Chinese dominance in strategic sectors and advance export-orientated domestic projects.
IperionX plans to build a 125 metric ton per annum titanium production facility in Virginia, with first production expected in 2024. The company intends to apply the equipment finance from EXIM Bank towards key production assets including industrial furnaces and comminution equipment. Once the facility is commissioned, IperionX says it will rapidly scale the capacity of facility to 1,125 metric tons per annum.
Titanium is a critical material for many US defense systems and for a range of demanding applications in the aerospace, space, medical, consumer electronics, additive manufacturing, hydrogen and automotive sectors.
Anastasios (Taso) Arima, IperionX CEO, said: “Titanium for the US manufacturing sector is currently sourced over long distances from foreign nations. We are pleased to receive the letter of interest for the provisional sum of US$11.5 million in equipment finance from US EXIM that will assist IperionX to re-shore a lower-cost, more sustainable and fully integrated US titanium supply chain that is critical both for the manufacturing of advanced goods as well as for America’s national security.”