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EXIM Bank boosts Chile’s cobalt ambitions in effort to build ex-China supply chain","us-exim-bank-boosts-chiles-cobalt-ambitions-in-effort-to-build-ex-china-supply-chain","article/us-exim-bank-boosts-chiles-cobalt-ambitions-in-effort-to-build-ex-china-supply-chain",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":692,"featured":51,"reporter":693,"_editable":697,"component":698,"seo_title":553,"categories":699,"visibility":708,"author_company":49,"featured_image":709,"seo_description":692,"author_full_name":49,"author_job_title":49,"formattedDate":713,"formattedArticleDate":714},"c8a118d0-2010-4f60-8af4-030dafb24dcf","2024-06-27 00:00",[560,563,566],{"slug":561,"name":562},"chile","Chile",{"slug":564,"name":565},"inflation-reduction-act","Inflation Reduction Act",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,604,609,616,621,626,635,640,645,657,662,667,672,677,682,687],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"The United States Export-Import (EXIM) Bank, the official US credit export agency, signed a non-binding Letter of Intent (LOI) with US-based cobalt aspirant Chilean Cobalt Corp (C3) in June to progress efforts towards on-shoring and friend-shoring US critical mineral supply chains. ","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":588},"The US is seeking to de-risk cobalt supply from China by building an America-focused supply chain with free trade agreement (FTA) partners. However, as of 2023, over 50% of mined cobalt supply and 80% of refined cobalt production had some involvement from Chinese entities, ",{"text":595,"type":588,"marks":596},"according to the Benchmark Cobalt Forecast",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/","url",{"text":603,"type":588},", highlighting the size of the task.",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"Under current projections, mined cobalt supply from US and Free Trade Agreement (US+FTA) economies will meet just 9% of US cobalt demand by 2030.",{"type":610,"attrs":611,"content":613},"heading",{"level":612,"textAlign":49},4,[614],{"text":615,"type":588},"What happened?",{"type":610,"attrs":617,"content":618},{"level":612,"textAlign":49},[619],{"text":620,"type":588},"Chile’s cobalt ambitions",{"type":583,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":588},"Chile is one of the world’s top mining jurisdictions and supplier of critical minerals for the energy transition, ranking as the number one producer of copper and number two producer of lithium globally. It has FTA with the US, making it a key investment target for Inflation Reduction Act (IRA) eligible supply.",{"type":583,"attrs":627,"content":628},{"textAlign":49},[629],{"type":630,"attrs":631},"image",{"id":49,"alt":632,"src":633,"title":49,"source":49,"copyright":49,"meta_data":634},"","https://a.storyblok.com/f/287943243085208/45a1ce3094/bm-screenshot-2024-06-26-104339.png",{},{"type":583,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":588},"The South American country does not currently have an active role in the cobalt market. The mining of primary cobalt ore deposits stopped in 1944. ",{"type":583,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":588},"However, the Chilean government hopes to establish the country as a top three producer of cobalt, with a study commissioned by Chile’s state development office (Corfo) suggesting that production from tailings could reach 15,000 tonnes per annum.",{"type":583,"attrs":646,"content":647},{"textAlign":49},[648,650,655],{"text":649,"type":588},"Chile has two cobalt operations slated to begin operating this decade, C3’s La Cobaltera and Capstone Mining’s Santo Domingo project. ",{"text":651,"type":588,"marks":652},"The Benchmark Cobalt Forecast",[653],{"type":598,"attrs":654},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":656,"type":588}," projects cobalt production in Chile to re-start by 2027, with output forecast to reach up to 6,500 tonnes per annum by 2030.",{"type":610,"attrs":658,"content":659},{"level":612,"textAlign":49},[660],{"text":661,"type":588},"EXIM steps up support for critical mineral projects",{"type":583,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":588},"The agreement is part of EXIM Bank’s China and Transformational Export Program (CTEP), an initiative that aims to assist US companies facing competition from China across a number of strategic sectors.",{"type":583,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":588},"Once the most prominent global export credit agency, EXIM Bank credit commitments have paled in comparison to those from China in the last 15 years. China’s credit agencies have been utilised as instruments to promote industrial policy and increase strategic influence in emerging markets across the globe. ",{"type":583,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":588},"According to EXIM’s 2023 annual report, at their 2018 peak, China’s export credit agency support was more than 14 times larger than the bank’s own credit export volumes in 2022. ",{"type":583,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":588},"However, as the US undertakes a policy of re-industrialisation and critical minerals take on increasing geopolitical importance, EXIM’s role is being revitalised. The agency launched a ‘Make More in America Initiative’ in 2022 to help finance sectors deemed critical to US national security, following the US-government 100-day review of critical supply chains.",{"type":583,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":588},"The bank is also an active participant in the US-led ‘Mineral Security Partnership,’ a collaboration between the US, EU, and 13 other countries to stimulate public and private investment in critical mineral supply chains globally.",{"type":583,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":588},"C3 joins a growing list of critical mineral projects to receive financing commitments from EXIM. In March this year, the bank signed a LOI with Australian Strategic Materials for a debt funding package of up to $600 million for the Dubbo rare earths project in New South Wales, Australia.","The United States Export-Import (EXIM) Bank, the official US credit export agency, signed a non-binding Letter of Intent (LOI) with US-based cobalt aspirant Chilean Cobalt Corp (C3) in June to progress efforts towards on-shoring and friend-shoring US critical mineral supply chains. The US is seeking to de-risk cobalt supply from China by building an America-focused […]",[694],{"slug":571,"name":572,"content":695},{"job_title":574,"image":696,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c8a118d0-2010-4f60-8af4-030dafb24dcf\", \"id\": \"\"}-->","article",[700,702,705],{"slug":701,"name":115},"cobalt",{"slug":703,"name":704},"critical-minerals","Critical Minerals",{"slug":706,"name":707},"geopolitics","Geopolitics","private",{"id":49,"alt":632,"name":632,"focus":632,"title":632,"source":632,"filename":710,"copyright":632,"fieldtype":711,"meta_data":712,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/27f185d18b/bm-chile-flags.jpg","asset",{"alt":632,"title":632,"source":632,"copyright":632},"Jun 27, 2024","27th June 2024",[],[],1792773900138]