NexMetals Mining gains preliminary backing for Botswana projects
NexMetals Mining, an exploration and development firm operating in Botswana, has received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM), indicating potential support of up to $150 million in financing.
The funding would target the redevelopment of the company’s critical metals operations, particularly the Selebi and Selkirk projects, which contain significant deposits of nickel, copper, cobalt, and platinum group metals.
The proposed financing structure outlines a 15-year repayment period and would be subject to a formal application and thorough evaluation by EXIM. The Selebi licence spans 115 square kilometres, while the Selkirk project includes a 14.6 km² mining licence and an additional 126.7 km² across four exploration licences.
Advantages in sourcing
NexMetals CEO Morgan Lekstrom described the LoI as a strong signal of U.S. interest in Botswana’s mining sector and its role in supplying high-grade, strategically important metals. He emphasized the alignment between the company’s rapid development pace and broader goals to strengthen the global supply chain for critical minerals, particularly those essential to the clean energy and tech sectors.
The letter also highlights potential advantages for NexMetals in sourcing American equipment and services, in accordance with Section 402 of EXIM’s 2019 reauthorisation and the China and Transformational Exports Program. This framework is designed to bolster U.S. exports and reduce reliance on Chinese-dominated supply chains.
While the LoI is not a binding financial commitment, it sets the stage for further engagement between EXIM and NexMetals, pending formal application and standard due diligence processes. The potential financing could significantly advance Botswana’s position as a stable and strategic source of critical raw materials.
