Graphite One $2.1bn EXIM loan: capex, schedule and risk notes for mine planners
Reviewed by Joe Ashwell
First reported on MINING.com
30 Second Briefing
US Export-Import Bank has lifted potential financing for Graphite One’s Alaska-to-Ohio graphite supply chain to about $2.1 billion, including $670 million for the Graphite Creek mine near Nome and $1.4 billion for a 100,000 t/y anode materials plant in Niles, Ohio, repayable over 15 years. EXIM signals willingness to fund roughly 70% of capex to first production, with Graphite One targeting initial 25,000 t/y anode output by mid-2027 and mine start-up in 2030 under a 20-year life. The project is post-feasibility, advancing under FAST-41 permitting, and already has $37.5 million US Department of Defense support.
Technical Brief
- Loan support is structured under EXIM’s Make More in America and China and Transformational Exports programmes.
- Graphite Creek is classified by USGS as the largest graphite deposit in the United States.
- The Ohio anode plant is planned as four 25,000 t/y modules to reach 100,000 t/y capacity.
- Graphite One has secured an industrial lease in Niles, Ohio, including an option to purchase the site.
- Engineering design is advancing in parallel on both the Graphite Creek mine and the Niles anode facility.
Our Take
Within our 401 Mining stories, graphite appears far less frequently than lithium or nickel, so EXIM’s willingness to cover about 70% of Graphite One’s capital spending signals unusually strong US policy backing for this particular critical mineral supply chain.
For a company with a market capitalisation of about C$315 million to be pursuing up to $2.1 billion in potential EXIM support is an unusually high leverage ratio in our database, which will likely make securing the remaining 30% from commercial lenders contingent on clear delivery milestones at Graphite Creek and the Ohio anode plant.
The 15‑year repayment period aligned with a planned 20‑year mine life at Graphite Creek is typical of export-credit style project finance in our coverage, suggesting EXIM is structuring this more like a long-life infrastructure asset than a junior mining loan, which may influence how other US critical minerals projects try to position themselves.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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