The Company’s Sponsor is Boston Electrometallurgical Corporation, founded in 2012 in Woburn, Massachusetts, USA. Boston Metal boasts Tier 1 investors, including Microsoft, Aramco, BMW, Breakthrough Energy Ventures, Vale, BHP, and IFC.

The estimated total cost of the Project is US$217 million. Of this amount, lenders are expected to contribute US$100 million, while the remaining funds will be sourced from equity and generated cash flow.

IFC is considering a C-Loan of US$50 million with a 10-year term and a 2-year grace period to support BMB's Project. Moreover, IFC is mobilizing additional US$50 million in parallel loans.

Boston Metal's first industrial unit will be installed on a 30,000 m2 plateau in the municipality of Coronel Xavier Chaves, in Minas Gerais State, Brazil.

This is a Category B project according to IFC's 2012 Policy on Environment and Social (E&S) Sustainability. The proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key E&S risks and issues for this investment include: (i) BMB’s management and monitoring systems to manage E&S impacts from the construction and operations of the new facility funded under the project; (ii) management of labor and working conditions and occupational health and safety (OHS) practices; (iii) process safety and emergency preparedness and response; (iv) management of hazardous materials and slag waste containing naturally occurring radioactive nuclides; (v) management and monitoring of air emissions; (vi) monitoring and management of slag supply chain ; (vii) stakeholder engagement and community health and safety and security; and (viii) management of potential impacts on natural habitat.