Ivanhoe Electric has received a preliminary project letter (PPL) from the Export-Import Bank of the US (US EXIM) outlining possible debt financing of $1.1bn to advance its Santa Cruz Copper Project in Arizona.
The company stated that this letter increases the proposed financing from the $825m outlined in US EXIM’s previous letter of interest issued in April 2025.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The newly issued document follows US EXIM’s preliminary due diligence on the Santa Cruz Copper Project.
Ivanhoe Electric submitted its application for debt financing through US EXIM’s Make More in America Initiative, a programme designed to back eligible US projects aimed at increasing domestic manufacturing capacity and reinforcing key national supply chains.
It clarified that the PPL is not a commitment to finance.
Any funding remains subject to further review and final approval.
The company indicated that it expects US EXIM’s board to consider the financing application in the spring of 2027.
An updated preliminary feasibility study for the project is expected in September 2026.
Ivanhoe Electric plans to include details of the underground mine access using the Robbins Crossover XRE tunnel boring machine, supplied by the Robbins Company of Solon, Ohio.
The study will also incorporate additional engineering and development work completed after the project’s 2025 feasibility study.
Ivanhoe Electric executive chairman Robert Friedland said: “Following President Donald Trump’s supportive announcement at the American Mining Roundtable in Washington on 7 August 2026, we are grateful to receive US EXIM’s Preliminary Project Letter in support of our Santa Cruz Copper Project.
“At Santa Cruz, we are building a modern American copper mine capable of producing 99.99% pure copper metal, without a smelting process, to support American industry and supply chain security.
“We appreciate US EXIM’s strong support and will continue to work together as we develop our Santa Cruz Project into America’s next major copper producer.”
The project aims to generate copper cathode with 99.99% purity across a 23-year operational lifespan, utilising a fully heap leach process.
Ivanhoe Electric holds approximately 6,000 acres in private ownership, including surface, mineral and related water rights.
