EXIM Bank Backs Ivanhoe Electric’s Arizona Copper Project with $825 Million

Ivanhoe Electric has received a preliminary indication of support from the Export-Import Bank of the United States (EXIM) for up to $825 million in debt financing to advance its Santa Cruz copper project in Arizona. This funding is part of EXIM’s “Make More in America” initiative, which aims to bolster domestic supply chains and reduce reliance on foreign sources for strategic materials.  

 

The Santa Cruz copper project, located on private land and fully owned by Ivanhoe Electric, is being developed as a vertically integrated operation that will produce pure copper cathode onsite—a rarity in the U.S. copper sector. This positioning makes the project eligible for multiple federal incentives, including EXIM’s Supply Chain Resilience Initiative and the Section 45X advanced manufacturing production tax credit.  

 

The loan, which carries a 15-year repayment term, is a key step in the federal lending process and signals strong alignment between the project’s goals and U.S. industrial policy. Ivanhoe Electric plans to fast-track the project toward construction, with engineering firm Fluor leading the work and a preliminary feasibility study expected by June 2025. Permitting and detailed engineering will continue throughout the year, with early-stage construction targeted for the first half of 2026.  

 

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Sources: Mining Weekly, Ivanhoe Electric, MQ World.