May 21 (Reuters) - Antimony and gold miner Perpetua Resources PPTA.O said on Thursday the board of the Export-Import Bank of the United States has approved a $2.9 billion loan to support the development of its Stibnite Gold Project in Idaho.

The EXIM financing, under the "Make More in America Initiative", together with the company's existing cash on hand, is expected to fully fund the direct construction of the project based on the current capital cost estimates.

The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries.

Perpetua received U.S. approval to begin construction of the Stibnite project last year after China, the world's largest antimony miner and processor, blocked exports of the critical mineral to the United States.

U.S. President Donald Trump's administration has stepped up efforts to boost domestic production of critical minerals and raise government financing to offset China's near-total control of the sector.

Perpetua's mine will supply more than 35% of America's annual antimony needs once it opens by 2028 and produce 450,000 ounces of gold each year.

The company expects the EXIM loan to be available in the second half of 2026.