March 20 (Reuters) - Perpetua Resources ( PPTA ) said on

Thursday it plans to submit a formal loan application to the

U.S. Export-Import Bank (EXIM) for its Idaho antimony and gold

Stibnite project in the second quarter of this year.

In its annual report, the miner said EXIM would determine if

a final loan commitment might be issued.

Perpetua had received a letter of interest, which was

non-binding, from EXIM for a loan worth up to $1.8 billion to

develop its antimony and gold mine, Reuters reported in April

last year.

If the loan is approved, the Stibnite project would be one

of Washington's largest investments ever in a mine. The final

mining permit for the project was issued in the last leg of

former President Joe Biden's presidency.

Antimony, a metal used to make solar panels, flame

retardants and weapons, among other things, is imported into the

U.S. as the country does not have its own source.

China accounted for 60% of globally mined antimony in 2024,

according to data from the U.S. Geological Survey.

In December last year, China banned exports of the metal to

the U.S.

The Stibnite mine would aid the United States' move to boost

domestic production of critical minerals and offset China's

control of the sector.

Perpetua's mine could supply more than 35% of America's

annual antimony needs once it opens by 2028.