The Export-Import Bank of the US raises proposed debt financing for Arizona’s Santa Cruz Copper Project from $825m to $1.1bn.
The Export-Import Bank of the US (US EXIM) has issued a preliminary project letter outlining potential debt financing of $1.1bn for Ivanhoe Electric’s Santa Cruz Copper Project in Arizona. This marks an increase from the $825m proposed in a prior letter of interest in April 2025.
The updated financing follows US EXIM’s preliminary due diligence and is part of the Make More in America Initiative, which supports domestic manufacturing and supply chain projects. Ivanhoe Electric expects the bank’s board to review the application in spring 2027, with final approval still pending further review.
An updated preliminary feasibility study for the project is due in September 2026, incorporating new engineering work and details on underground mine access. The company clarified that the letter does not guarantee funding.