Botswana-focused resource development company NexMetals Mining has received a non-binding Letter of Interest (LoI) from the Export-Import Bank of the United States (EXIM), outlining potential financing of up to $150 million to support the redevelopment of its Selebi and Selkirk mineral assets. The proposal forms part of broader US government efforts to enhance access to critical raw materials through international partnerships and could see financing structured over a 15-year term, pending further review and application.
The Selebi and Selkirk projects are located within Botswana, a jurisdiction widely regarded for its political stability and mineral potential. The Selebi deposit comprises a single mining licence spanning 115 square kilometres, while the Selkirk project includes one mining licence covering 14.6 square kilometres alongside four prospecting licences totalling 126.7 square kilometres.
According to NexMetals Mining, both sites host high-grade deposits of nickel, copper, cobalt, and platinum group metals—resources considered strategically significant for low-carbon technologies and defence applications. The company has positioned the projects as integral to global supply chains seeking alternatives to China’s dominance in critical minerals processing and supply.
Morgan Lekstrom, Chief Executive Officer of NexMetals, noted the strategic implications of the LoI: “This represents a willingness from the United States to fund critical metals projects in one of Africa’s safest and most stable jurisdictions. It clearly denotes the US Government’s specific interest in Botswana, recognising both its rich mineral endowment and the scale of our high-grade projects.”
While the LoI is non-binding and does not guarantee financial or commercial success, it indicates preliminary interest subject to further due diligence. NexMetals will be required to submit a formal financing application, after which EXIM will evaluate the project’s eligibility under its standard assessment process. Should the project progress, EXIM may consider the procurement of US-origin goods and services for project development favourably, aligning with Section 402 of the bank’s 2019 reauthorisation.
This legislative clause—part of the China and Transformational Exports Programme—aims to promote US competitiveness in key sectors by supporting outbound US exports tied to strategic resources. The programme reflects Washington’s broader geopolitical priorities, particularly in countering China’s influence in global resource supply chains.
While the financing offer remains indicative at this stage, the LoI represents an early signal of institutional confidence in Botswana’s potential as a stable and resource-rich partner in the global critical minerals economy. It also marks a rare instance of US development finance interest in southern Africa’s mid-tier mining sector, which could further catalyse international investor engagement if realised.
The strategic positioning of Botswana, combined with its governance record and resource endowment, could make it a pivotal player in the evolving global competition for energy transition minerals. NexMetals’ role within this dynamic remains subject to financing approvals and execution capabilities, but the prospective US engagement sets a notable precedent.
