April 29 (Reuters) - American Battery Technology ABAT.O said on Tuesday it has received a letter of interest from the U.S. Export-Import Bank (EXIM) for $900 million in financing to support the construction of its Nevada-based lithium mine and refinery, sending the critical battery materials company's shares up nearly 20%.
Earlier this month, China imposed export restrictions on rare earth elements, affecting Western supply for energy, defense and electronics production.
In March, U.S. President Donald Trump invoked emergency powers to boost domestic production of critical minerals as part of a broad effort to offset China's near-total control of the sector.
The executive order directed federal agencies, including EXIM, to unlock permitting, funding and offtake agreements for critical minerals, including rare earths.
The same month, EXIM expressed willingness to provide a loan of up to $553 million for Rare Element Resources' REEMF.PK rare earths Bear Lodge Project in northeast Wyoming.
"This proposed financial support can greatly accelerate the commercialization of our domestic critical mineral mine and refinery," said American Battery Technology CEO Ryan Melsert.
In 2024, Perpetua Resources PPTA.O had also similarly received a letter of interest from EXIM for a loan of up to $1.8 billion to develop an antimony and gold mine in northern Idaho.
(Reporting by Pooja Menon in Bengaluru; Editing by Alan Barona)
((Pooja.Menon@thomsonreuters.com))
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