US minerals explorer Ivanhoe Electric said on Monday it had received a preliminary project letter from the US Export-Import Bank (EXIM) for potential debt financing of $1.1-billion to develop its Santa Cruz copper project in Arizona.
The Santa Cruz project is one of Ivanhoe Electric‘s key assets as the US seeks to boost domestic supplies of copper and reduce reliance on imports.
The potential financing is up from $825-million in April 2025, after the US agency completed preliminary due diligence on the project.
Ivanhoe Electric expects to complete an updated preliminary feasibility study for the project in September.
The company expects final consideration of the EXIM financing by the bank’s board in spring 2027.
Ivanhoe Electric is seeking the funding under EXIM’s Make More in America initiative, which supports projects that expand U.S. production and strengthen domestic supply chains.
Copper is widely used in power grids, manufacturing and data centers.