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Home Industry IperionX secures $11.5 Million Funding
 * Industry


IPERIONX SECURES $11.5 MILLION FUNDING

By
Lucia Gartner
-
Oct 24, 2023
Picture: IperionX

IperionX Limited is pleased to announce that it has received a Letter of
Interest (“LOI”) from the Export-Import Bank of the United States (“EXIM Bank”)
for a preliminary amount of US$11.5 million for 7-year equipment financing for
the development of IperionX’s titanium production facility in Halifax County,
Virginia.

EXIM Bank has informed IperionX that the proposed titanium production facility
may fall under both EXIM Bank’s ‘China and Transformational Exports Program’ and
‘Make More in America Initiative’. These programs support projects that reduce
China’s dominant position in strategic sectors and promote exports.

IperionX plans to use the financing for essential production equipment, such as
industrial furnaces and crushing equipment. The company intends to build a
titanium production facility in Virginia with a capacity of 125 metric tons per
year, with first production expected in 2024. Once operational, IperionX plans
to gradually increase the capacity of this advanced titanium production facility
to 1,125 metric tons per year.

Titanium is sought after for its high strength-to-weight ratio, heat resistance
and corrosion resistance. It plays a critical role in many U.S. defense systems
and has applications in areas such as aerospace, medical, consumer electronics,
3D printing and automotive.

IperionX has the capability to provide a complete U.S. titanium supply chain
from titanium mineral production to high-performance titanium product
manufacturing, including the use of 100% recycled scrap titanium. The company
can produce a variety of titanium products, and do so in a more
energy-efficient, cost-effective and environmentally friendly manner.

Although the letter of intent is not binding, the potential financing from EXIM
Bank provides IperionX with a solid foundation for the development of the
planned titanium production facility.

> Anastasios (Taso) Arima, IperionX CEO said: “Titanium for the U.S.
> 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 U.S.
> titanium supply chain that is critical both for the manufacturing of advanced
> goods as well as for America’s national security.”

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Lucia Gartner

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