US Strategic Metals Secures $400M Funding Proposal For Cobalt Project In Missouri
Portfolio Pulse from Stjepan Kalinic
US Strategic Metals (USSM) has secured a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM Bank) for a potential $400 million debt funding package for its Madison cobalt project in Missouri. This funding could significantly reduce the US's reliance on foreign cobalt sources, particularly from the Democratic Republic of Congo. The Madison project is one of the largest cobalt reserves in North America, with an estimated 72 million pounds of recoverable cobalt.
August 09, 2024 | 10:58 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The potential $400 million funding for US Strategic Metals' Madison cobalt project could positively impact the Amplify Advanced Battery Metals and Materials ETF (BATT), which invests in companies involved in battery metals.
The funding for the Madison project could increase the supply of cobalt, a key component in battery production, potentially benefiting ETFs like BATT that invest in battery metals.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
The funding for US Strategic Metals' Madison cobalt project could positively impact the Global X Lithium & Battery Tech ETF (LIT), which includes companies involved in lithium and battery technology.
The Madison project funding could enhance the supply of cobalt, essential for lithium-ion batteries, potentially benefiting ETFs like LIT that focus on battery technology.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50