Through a letter of interest issued by the U.S. Export-Import Bank ( EXIM Bank ), Ivanhoe Electric could secure debt financing of up to $825 million for its Santa Cruz Copper Project in Arizona.
Strategic financing for the Santa Cruz copper project
The proposed financial support comes from the EXIM Bank ‘s ” Make More in America ” initiative, designed to strengthen domestic industry and reduce dependence on imported minerals. This financing includes a repayment term of up to 15 years, covering development, permitting, and construction costs scheduled to begin in 2026.
The receipt of the Letter of Interest from the U.S. Export-Import Bank underscores the importance of our Santa Cruz Copper Project to increasing domestic copper production.
Robert Friedland, CEO of Ivanhoe Electric
The United States urgently needs more domestically produced copper to support the rapid expansion and rebuilding of its electric transmission and transportation infrastructure, its national defense capabilities, and future technologies.
The project is located on private land and is 100% owned by a U.S. company, giving it regulatory and logistical advantages over similar projects abroad.
In addition to the interest from the EXIM Bank , the US mining company is exploring other avenues for support, such as the Supply Chain Resilience Initiative and incentives under Section 45X of the US tax code. These measures are aimed at incentivizing domestic production of critical minerals through direct tax credits.
The consortium responsible for the project, which includes the engineering firm Fluor , maintains its plan to present the Preliminary Feasibility Study in June 2025. This document will be essential to secure final financing and move forward with construction work during the first half of 2026.
The integration of advanced exploration technologies, such as the Typhoon system , and data analytics from its subsidiary Computational Geosciences , allows Ivanhoe Electric to minimize risk and accelerate discoveries in strategic areas of the southwest of the country.
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Source and photo: Ivanhoe Electric
