China Molybdenum Brazil (CMOC Brazil) closed a $600 million pre-export financing for niobium out of Brazil. This is one of the largest niobium mining/metal financings to date, and certainly the largest niobium structured commodity financing ever.CMOC Brazil is one of the leading niobium producers in the world. The timing and scale of this transaction is indicative of the attention being paid to financing for the security of supply for specialist metals and minerals being used in strategic industries and the transition.Niobium, which has superconducting properties and is highly resistant to heat, has traditionally been used in specialist alloys and stainless steel production, but is increasingly being sought for jet engines, electric vehicles (EVs), industrial magnets, electronics and other specialist applications.There is also an accordion feature of $100 million linked to the deal. The tenor of the transaction is five-years, which is a significant period for such a sizeable loan in this sector, but of course this is secured through the offtake agreement. What is also crucial to this PXF is the role that IXM plays as offtaker. The PXF is underpinned by ferroniobium products taken by IXM, the world's third largest base metals trading company. IXM largely trades in copper, lead, zinc, aluminium, nickel, cobalt and niobium.According to CMOC Brazil, the offtake agreement with IXM will run for up to seven-years. It is expected that much of the offtake will go to production companies within China, but also other select companies globally.Rationale for Nomination: One of the few occasions pre-export finance product are used to finance the export of specialty metals.