Stillwater Critical Minerals and US Strategic Metals Sign MOU for Strategic Collaboration
Stillwater Critical Minerals has signed a comprehensive, non-binding Memorandum of Understanding (MOU) with US Strategic Metals (USSM) to explore a range of critical minerals-related business opportunities. The MOU reflects a shared alignment in corporate values and aims to advance the development of the critical minerals supply chain in the United States, contributing to the green economy.
The scope of the MOU includes potential initiatives related to marketing, technical support, supply chain development, offtake and logistics, and strategic financing. The two companies are also considering introducing additional strategic partners to further support both Stillwater's and USSM's interests.
Michael Rowley, President and CEO of Stillwater Critical Minerals, emphasized the strategic importance of Stillwater West to the United States at a time when domestic supplies of critical minerals are crucial. Rowley highlighted Glencore's involvement in both equity and management roles, and noted that the MOU could accelerate engineering and metallurgical studies. He underscored the importance of establishing a low-carbon American critical mineral supply chain.
Stacy Hastie, CEO of US Strategic Metals, described USSM as a private, U.S.-focused critical minerals processing business based in Missouri. Hastie stated that Stillwater West fits well with USSM's mandate to expand the supply of critical battery metals within the U.S. The collaboration aligns with the U.S. government's objectives to secure domestic supplies of critical minerals.
USSM has recently secured $230 million in debt financing and received a letter of intent for a $400 million loan from US EXIM Bank for its proprietary processing and recycling battery metal hub. Hastie noted that USSM aims to become one of North America's leading integrated producers of key battery and strategic metals.
