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Published: October 22, 2026 |
Ivanhoe Electric said it has received a preliminary project letter (PPL) from the Export-Import Bank of the United States (EXIM) for potential debt financing of $1.1 billion to support development of Ivanhoe Electric’s advanced-stage Santa Cruz Copper Project in Arizona.
The PPL marks the completion of U.S. EXIM’s preliminary due diligence on the Santa Cruz Copper Project and is a key step in U.S. EXIM’s financing process that commenced with the April 2025 letter of interest.
“Following President Donald J. Trump’s supportive announcement at the American Mining Roundtable in Washington on August 7, 2026, we are grateful to receive U.S. EXIM’s preliminary project letter in support of our Santa Cruz Copper Project,” said Executive Chairman Robert Friedland.
“Our country has entered an extraordinary era of demand growth for copper, which is central to all forms of electricity generation, transmission, and consumption as well as advanced manufacturing, artificial intelligence, and our national security. At Santa Cruz, we are building a modern American copper mine capable of producing 99.99 percent pure copper metal, without a smelting process, to support American industry and supply chain security,” added Friedland.
“Receiving our PPL from U.S. EXIM is a major milestone in our project financing process, following a period of strong collaboration and due diligence since we received our initial letter of interest from U.S. EXIM in April 2025. We appreciate the resources that U.S. EXIM has devoted to our financing process and look forward to working together with the outstanding team at U.S. EXIM towards completion of our debt financing facility,” said President and Chief Executive Officer Taylor Melvin.
Ivanhoe Electric applied for debt funding under U.S. EXIM’s Make More in America Initiative, which supports qualifying domestic projects to expand U.S. production capacity and strengthen critical domestic supply chains.
The PPL does not constitute a financing commitment, and any financing remains subject to completion of EXIM Bank’s review and approval process. The company is anticipating final U.S. EXIM board consideration during the spring of 2027.
Ivanhoe Electric expects to complete the updated preliminary feasibility study for the Santa Cruz Copper Project in September 2026. The updated study will incorporate the plans for underground mine access using the Robbins Crossover XRE tunnel boring machine, manufactured by The Robbins Company of Solon, Ohio, and associated material handling system, together with other engineering and development work completed since publication of the 2025 preliminary feasibility study.
Ivanhoe Electric is a United States-based, technology-driven minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Their wholly owned assets are located in the United States, led by its advanced-stage Santa Cruz Copper Project in Arizona. They operate exploration joint ventures and alliances in Saudi Arabia with Maaden, in Chile with Sociedad Química y Minera de Chile (SQM), and in the United States with BHP. They use their powerful Typhoon™ geophysical surveying system, together with advanced data analytics software provided by their subsidiary, Computational Geosciences, to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. They are committed to the establishment of strong relationships with local communities and the responsible development of projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint.
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