Tronox Holdings (NYSE:TROX) rallied 28% after announcing it has received conditional backing for as much as $600 million in potential financing from the Export-Import Bank of the United States (EXIM) and Export Finance Australia (EFA). The funds would help advance the company’s expansion into the rare earth supply chain.
The coordinated, non-binding letters of support and interest from the two export credit agencies signal meaningful institutional confidence in Tronox’s rare earth ambitions. If finalized, the financing would help fund mine-life extensions, new infrastructure, and development of cracking and leaching capacity.
These letters fall under the United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths, unveiled in October. Tronox—best known for its titanium dioxide pigment business—recently completed a pre-feasibility assessment and is now progressing to a definitive feasibility study for a cracking and leaching facility proposed in Western Australia.
The plant would be designed to produce a mixed rare earth carbonate containing both light and heavy rare earth elements, which are essential for permanent magnets, defense systems, clean energy technologies, and advanced manufacturing.
“This announcement represents a significant milestone in advancing the expansion of Tronox’s minerals processing operations to produce rare earth elements,” said Tronox CEO John D. Romano. “The Letters from EFA and EXIM highlight the opportunity for Tronox to assume a leading role as a supplier of rare earth elements to support the critical mineral strategies of Australia and the United States.”
Tronox said it will now engage with downstream buyers and strategic partners to structure a bankable project that fits with its long-term capital priorities. The support from both agencies remains contingent on full due diligence and final approvals.