EXIM Approves $2.9 Billion in Financing for Idaho Gold Mine

Conservation groups say EXIM financing for the Stibnite Gold Project could harm endangered salmon, expose taxpayers to billions in risk, and violate federal environmental law. 

WASHINGTON — According to the applicant, the U.S. Export-Import Bank voted on May 21 to provide $2.9 billion for Perpetua Resources’ proposed Stibnite Gold Project, a large-scale open-pit mine at the headwaters of the South Fork Salmon River in central Idaho.  

Five environmental organizations — Idaho Conservation League, Idaho Rivers United, Save the South Fork Salmon, Friends of the Earth U.S., and Earthworks — had filed formal comments urging EXIM not to finance the project. They argue that the project poses unacceptable environmental, legal, financial, and community risks that disqualify it from receiving approximately $2.9 billion in U.S. taxpayer-backed support. As of today, none of the organizations’ serious concerns about the decision have been alleviated.  

“This project will result in generational impacts on our public lands and overwhelmingly benefit investors through gold profits,” said Nick Kunath, Conservation Director at Idaho Rivers United. “When you consider the environmental risk associated with this project and the legitimate questions surrounding the quality of the antimony on site to meet military requirements, it’s frankly baffling that EXIM would take these steps to grant such a massive subsidy to this controversial project.” 

The core of the coalition’s objections is the threat the mine poses to Chinook salmon, steelhead, and bull trout — all protected under the Endangered Species Act — in one of the Pacific Northwest’s most ecologically significant river systems. 

The project would involve river diversions, cyanide leaching, and the construction of massive tailings storage facilities at the river’s headwaters. Elevated water temperatures, toxic contamination from arsenic and antimony, and increased sedimentation could damage critical spawning habitat. 

“This proposed gold mine comes at the expense of endangered species, clean water, and clean air,” said Will Tiedemann, Regulatory Program Manager at the Idaho Conservation League. “Furthermore, Perpetua has long been touting this mine as a domestic source of the critical mineral antimony, but under an EXIM loan they would now assumedly be required to export significant portions of antimony overseas.” 

There are also substantial, unresolved legal challenges to this project that raise concerns about both its viability and compliance with federal law. Idaho state courts are currently considering appeals of the project’s air quality permit, its Clean Water Act 401 Water Quality Certification, and its Idaho Pollutant Discharge Elimination System permit. The Nez Perce Tribe has also challenged the Forest Service’s approval of the Project. On May 19, 2026, conservation groups called on EXIM to delay the vote given the legal uncertainties and risks. Unfortunately, EXIM did not heed the warning.  

And none of this is likely to help the local economy. Independent analysis found that more than 90% of construction spending is expected to leave Valley County, while the mine may impose new costs on local infrastructure, housing, and public services, as well as creating a “stigma effect” on Valley County’s growing recreation and tourism economy. 

Taxpayers are also at risk. The coalition urged EXIM to scrutinize whether its statutory “reasonable assurance of repayment” standard can be met given the history of cost overruns and delays in large-scale mining projects.  

“EXIM has approved a project that will have devastating impacts on the local environment in Idaho,” said Kate DeAngelis, deputy director for economic policy at Friends of the Earth. “Moreover, it is completely unclear why an agency that funds projects overseas to help U.S. exports is now funding domestic projects with no clear plan for export.” 

The organizations are exploring avenues to challenge EXIM’s decision and are not ruling out potential litigation to ensure that all applicable laws and mandates have been fulfilled.  

Media contact: Lindsay Tice, [email protected]