Ivanhoe gets $1.1 billion US EXIM support for Arizona copper project
IE•US EXIM support for Santa Cruz project
U.S. minerals explorer Ivanhoe Electric said on Monday it had received a preliminary project letter from the U.S. Export-Import Bank for potential debt financing of $1.1 billion to develop its Santa Cruz copper project in Arizona.
The Santa Cruz project is one of Ivanhoe Electric's key assets as the U.S. seeks to boost domestic supplies of copper and reduce reliance on imports.
Here are more details:
- The potential financing is up from $825 million in April 2025, after the U.S. agency completed preliminary due diligence on the project.
- Ivanhoe Electric expects to complete an updated preliminary feasibility study for the project in September.
- The company expects final consideration of the EXIM financing by the bank's board in spring 2027.
- Ivanhoe Electric is seeking the funding under EXIM's Make More in America initiative, which supports projects that expand U.S. production and strengthen domestic supply chains.
- Copper is widely used in power grids, manufacturing and data centers.
