US EXIM issues $1.1bn project letter for Ivanhoe Electric copper project

The Export-Import Bank of the US (US EXIM) has provided a preliminary project letter (PPL) to Ivanhoe Electric, outlining potential $1.1bn debt financing for its Santa Cruz Copper Project in Arizona. This letter increases the initial proposed financing from $825m to $1.1bn, as stated by Ivanhoe Electric. The letter comes after US EXIM's preliminary due diligence on the project, which was submitted through EXIM's Make More in America Initiative aimed at supporting US projects that boost domestic manufacturing and supply chains.

However, the PPL does not guarantee funding, as it is subject to further review and final approval from US EXIM's board, expected in the spring of 2027. Ivanhoe Electric anticipates the issuance of an updated preliminary feasibility study in September 2026, which will detail the project's underground mine access using a Robbins Crossover XRE tunnel boring machine.

Ivanhoe Electric's executive chairman, Robert Friedland, expressed gratitude for the US EXIM's support and highlighted the project's goal of producing 99.99% pure copper metal to bolster American industry and supply chain security. Ivanhoe Electric owns around 6,000 acres in Arizona, encompassing surface, mineral, and related water rights.