Ivanhoe Electric Receives Indication for up to $825 Million in Financing from Export-Import Bank of the United States for Santa Cruz Copper Project

Core Viewpoint - Ivanhoe Electric has received a Letter of Interest from the Export-Import Bank of the United States for potential financing of up to $825 million for the Santa Cruz Copper Project, highlighting the project's strategic importance in enhancing domestic copper supply [1][4]. Financing and Support - The financing from EXIM Bank is part of the Make More in America initiative, aimed at increasing the U.S. supply of critical minerals and strengthening supply chains [2][3]. - The financing is structured as debt with a 15-year repayment term, which will support the development of the Santa Cruz Copper Project [1]. Project Development - The Santa Cruz Copper Project is on track for a Preliminary Feasibility Study completion in June 2025, which will aid in project financing [8]. - Permitting and detailed engineering are advancing rapidly, with initial construction expected to begin in the first half of 2026 [8]. Strategic Importance - The project is positioned to meet the rising U.S. demand for domestically sourced copper, which is critical for infrastructure and national defense [4][8]. - Ivanhoe Electric is also exploring additional government support programs to further enhance U.S. access to critical mineral supply chains [6][7]. Company Overview - Ivanhoe Electric focuses on advanced mineral exploration technologies and aims to support U.S. supply chain independence by discovering new deposits of critical metals [9][10]. - The company operates various projects, including the Santa Cruz Copper Project and has partnerships for exploration in the U.S. and Saudi Arabia [10].