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U.S. EXIM Bank Issues $1.1 Billion Preliminary Project Letter for Ivanhoe Electric Copper Project
The U.S. Export-Import Bank (US EXIM) has issued a Preliminary Project Letter (PPL) to Ivanhoe Electric, outlining potential debt financing of $1.1 billion for the company's Santa Cruz copper project in Arizona. This proposed financing amount represents an increase from the $825 million letter of interest issued by US EXIM in April 2025. The project aims to produce 99.99% pure copper cathodes through a full heap leach process, with an operational life of 23 years. However, the letter does not constitute a financing commitment, and any funds are still subject to further review and final approval. The US EXIM Board is expected to consider the financing application in the spring of 2027.
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