Ivanhoe Electric Secures $1.1 Billion US EXIM Backing for Arizona Copper Project
Ivanhoe Electric’s Arizona Copper Project Gets $1.1 Billion US EXIM Financing Support
Ivanhoe Electric has moved closer to securing up to $1.1 billion in debt financing from the US Export-Import Bank (EXIM) to develop its Santa Cruz Copper Project in Arizona, strengthening efforts to expand domestic copper production in the United States.
The company has received a Preliminary Project Letter (PPL) from EXIM following the agency’s completion of preliminary due diligence on the project.
The potential financing represents a significant increase from the $825 million indicated in EXIM’s April 2025 letter of interest.
The financing is being pursued under EXIM’s Make More in America Initiative, which is designed to support domestic production and strengthen US supply chains.
Major Step for Santa Cruz
The Santa Cruz project is located approximately 65 kilometres southeast of Phoenix and is one of Ivanhoe Electric’s key development assets.
The project is designed to produce 99.99%-pure copper metal without a conventional smelting process, with the company positioning the operation as a potential source of domestically produced copper for US manufacturing, electricity infrastructure, artificial intelligence and other industries.
The project is particularly significant as the US seeks to reduce its dependence on imported copper and strengthen domestic supplies of the metal, which is increasingly important to electrification, power transmission, advanced manufacturing and national security.
Ivanhoe Electric Executive Chairman Robert Friedland said copper demand is entering an extraordinary period of growth, driven by electricity generation and transmission, advanced manufacturing, AI and national security.
The company has described Santa Cruz as a modern US copper mine capable of supplying high-purity copper directly to American industry.
Financing Still Requires Final Approval
Despite the size of the proposed financing, the EXIM support does not yet represent a final loan approval.
Ivanhoe Electric expects to complete an updated preliminary feasibility study (PFS) in September 2026, after which the project will continue through EXIM’s financing process.
Final consideration of the financing is expected to reach the EXIM board in spring 2027.
The increase in potential EXIM support from $825 million to $1.1 billion signals growing US government interest in the project as Washington seeks to secure critical mineral supply chains and expand domestic copper production.
For Ivanhoe Electric, the financing could provide a major source of capital for advancing Santa Cruz towards development, while reducing reliance on conventional project financing.
The company is now focused on completing the updated feasibility study and progressing the project through the remaining technical, commercial and financing requirements.
If approved, the EXIM financing would represent one of the largest sources of government-backed support for a new US copper project and could position Santa Cruz as an important future contributor to domestic copper supply.
