Tronox gains on $600 million support from banks

Shares of titanium products producer Tronox TROX.N rise 17% to $4.38 premarket

Company receives coordinated, non-binding and conditional Letters of Interest (LOI) from Export Finance Australia and U.S. Export-Import Bank (EXIM) for up to $600 million

Co says it is to support the development of Tronox's rare earth supply chain, including mine extensions, infrastructure support and cracking and leaching capacity

TROX adds that it will be working with downstream customers and other key business partners to develop a financeable project structure consistent with its long-term capital allocation priorities

As of last close, TROX was down ~63% YTD