Ivanhoe Electric Inc. has received a Preliminary Project Letter from the Export-Import Bank of the United States for $1.1 billion in potential debt financing to support development of the Santa Cruz Copper Project in Arizona.

The conditional financing proposal marks the completion of preliminary due diligence under US EXIM's Make More in America Initiative. The $1.1 billion figure represents an increase from the agency's original $825 million Letter of Interest issued in April 2025. The preliminary letter does not constitute a binding financing commitment, with final US EXIM Board consideration anticipated during the spring of 2027.

The debt facility builds upon the company's broader capital structure for the Arizona asset. Ivanhoe Electric previously closed a $200 million senior secured multi-draw bridge facility on December 15, 2025, through its subsidiary Mesa Cobre Holding Corporation to fund early construction and development activities.

The company expects to deliver an updated Preliminary Feasibility Study for Santa Cruz in September 2026. The upcoming technical report will incorporate plans for underground mine access using a Crossover XRE tunnel boring machine and associated material handling system, which Ivanhoe Electric arranged to acquire from The Robbins Company on May 11, 2026.

Activity across the region continues to advance, highlighted by Hudbay Minerals Inc. completing its acquisition of Arizona Sonoran Copper Company Inc. to advance the Cactus project within the surrounding district in June 2026.

“Following President Donald J. Trump's supportive announcement at the American Mining Roundtable in Washington on August 7, 2026, we are grateful to receive US EXIM's Preliminary Project Letter in support of our Santa Cruz Copper Project,” said Robert Friedland, Executive Chairman. “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.”

Taylor Melvin, President and Chief Executive Officer, noted that receiving the preliminary letter is a major milestone following a period of strong collaboration since the initial April 2025 Letter of Interest. The company will continue working with US EXIM toward completion of the formal debt facility.

Read the full announcement: Ivanhoe Electric Receives Preliminary Project Letter from the Export-Import Bank of the United States for $1.1 Billion in Potential Debt Financing for the Santa Cruz Copper Project