HOUSTON, September 22 (Argus) - The emerging American bismuth mining company Perpetua Resources has received conditional approval from the US Forest Service to commence the development of its scheelite gold mine project in Idaho.
After an 8-year review process for the permit, the project has finally been approved for construction.
In the first round of projects under the federal initiative to expedite mining permits, the company was selected and on May 19, it obtained the final permit necessary for construction, but this was subject to obtaining the necessary project financing to start the construction.
Perpetua raised $325 million through an initial public offering of 24.6 million shares in June and through a private placement of approximately 7.6 million shares, raising a total of $100 million. The company also expects to obtain $2 billion in debt financing from the US Export-Import Bank.
In addition, to date, Perpetua has received over $80 million from the US Department of Defense, including $6.9 million from the US Army in May.
According to the US Geological Survey, the United States does not commercially produce bismuth.
China banned the export of bismuth to the United States in December.
