Export Finance Australia joins Korean and United States counterparts in indicating support for Liontown Kathleen Valley lithium project
Export Finance Australia (EFA) has joined with the Export-Import Bank of the United States (EXIM) and the Korea Trade Insurance Corporation (K-Sure) to jointly issue a Letter of Support advising that they are pleased to consider finance for the Liontown Resources Kathleen Valley Lithium Project (the Project).
Media release
7 August 2023
Export Finance Australia (EFA) has joined with the Export-Import Bank of the United States (EXIM) and the Korea Trade Insurance Corporation (K-Sure) to jointly issue a Letter of Support advising that they are pleased to consider finance for the Liontown Resources Kathleen Valley Lithium Project (the Project).
The joint Letter is underpinned by EFA, EXIM and K-Sure individual Letters of Support/Interest. Any financial support is subject to the eligibility criteria and credit and risk requirements outlined in the individual Letters. All Letters are non-binding and conditional in nature.
EFA Managing Director and CEO, Mr John Hopkins, said the Letters from EFA, EXIM and K-Sure reflect a shared commitment to building supply chains required for cleaner energy and economic prosperity.
“As Australia’s international financing agency, EFA’s strong partnership approach with EXIM and K-Sure is essential to our support for the critical minerals sector,” Mr Hopkins said.
“The Letters issued by EFA, EXIM and K-Sure will help Liontown to arrange its financing for the Kathleen Valley Lithium project, including supporting the participation of commercial bank finance.”
The Project will have a startup production of 500,000 tonnes per annum, of which approximately 90% is intended to be provided to South Korea’s LG Energy Solution and the United States’ Tesla and Ford.
EFA and K-Sure have a formal Memorandum of Understanding in place to support collaboration. EFA and EXIM also have a reinsurance agreement in place and are named in the Australia and the United States Climate, Critical Minerals and Clean Energy Transformation Compact.
ENDS
Media Contact:
Simon Fisher, +61 421 056 872, simon.fisher@exportfinance.gov.au
About Export Finance Australia (EFA)
EFA is Australia’s export credit agency. EFA supports Australia’s trade and infrastructure agenda by providing commercial finance for exporting businesses and Indo-Pacific infrastructure development. EFA administers the Australian Government’s National Interest Account, which includes the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific.
About Export-Import Bank of the United States (EXIM)
EXIM is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated about $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.
About Korea Trade Insurance Corporation (K-Sure)
The K-Sure is an official export credit agency of Korea that was established in July 1992 by the Trade Insurance Act of Korea, with the mission to promote national competitiveness by facilitating exports and overseas business through its financing programs including export credit insurance and overseas business credit insurance.
