Tungsten West has received a significant boost for its Hemerdon tungsten and tin mine project in Devon, with the Export-Import Bank of the United States expressing interest in providing up to $95 million in financing.
The non-binding Letter of Interest comes under EXIM’s new Supply Chain Resilience Initiative, designed to strengthen critical mineral supply chains for US businesses. This potential funding could form a major component of the debt financing needed to restart production at the historic Devon mine.
Tungsten West shares were 41% higher at the time of writing.
Unlike traditional project financing, the proposed EXIM funding would not be tied to specific equipment purchases. Instead, it hinges on Hemerdon securing offtake agreements with US buyers, offering greater flexibility in how the funds are deployed.
EXIM has identified the project’s connection to its China and Transformational Exports Program, which aims to counter Chinese export support and advance American leadership in key sectors.
The US doesn’t mine its own Tungsten and is heavily reliant on China, something Donald Trump will want to change.
Tungsten is classified as a critical mineral by both the US and UK governments due to its essential role in defence, aerospace, and industrial applications. The metal’s scarcity and strategic importance make securing Western supply sources a priority for policymakers.
Next Steps for Hemerdon
While the Letter of Interest represents significant progress, Tungsten West must now work to satisfy EXIM’s requirements, particularly securing the necessary US offtake agreements.
The Hemerdon mine previously operated as one of Europe’s largest tungsten producers before closing in 2018.