Ivanhoe Electric Secures $825M EXIM Loan for Arizona Copper Project

Ivanhoe Electric has announced that the United States Export-Import Bank (EXIM Bank) is interested in providing up to $825 million in financing for its Santa Cruz copper project in Arizona, which is part of the EXIM Bank's 'Make More in America' initiative aimed at boosting domestic supply of critical minerals. The financing could potentially cover the entire construction cost, allowing the company to expedite the permitting process and begin construction as early as the first half of 2026. Following the announcement, Ivanhoe Electric's stock surged by 22%, reflecting investor optimism about the project's significance for U.S. economic growth and national security. The project is positioned beneath privately owned land, which simplifies the permitting process, and it is expected to play a key role in meeting the country's increasing demand for domestically produced copper. Analysts view the EXIM Bank's support as a positive step towards de-risking the project's development. Ivanhoe Electric is also exploring additional financing options to further advance the Santa Cruz project.