Highland Copper gets US EXIM interest for potential $250 million financing

Sept 16 (Reuters) - Highland Copper HI.V said on Tuesday it received a non-binding letter from the U.S. Export-Import Bank (EXIM) for potential $250 million financing to develop its Copperwood project in Michigan.

The indication of interest, issued under EXIM’s "Make More in America" initiative, could cover a substantial portion of Copperwood’s estimated $400 million capital cost, the company said.

Copperwood is among the few U.S. copper projects with all major permits in place and a completed feasibility study, it added.

Highland said the letter is not a financing commitment.

A formal application, due diligence and approvals would be required before EXIM could make a final decision. The agency outlined a potential 11-year repayment term.

In March, U.S. President Donald Trump invoked emergency powers to accelerate domestic production of critical minerals.

The executive order directed federal agencies, including EXIM, to expedite permitting, funding and supply agreements for critical minerals including rare earths.