A view of the drill site at Ivanhoe Electric’s Santa Cruz copper project. Credit: Ivanhoe Electric.
Ivanhoe Electric (TSX, NYSE: IE) said the United States export credit agency is interested in lending it up to $825 million for the company’s Santa Cruz copper project in Arizona. The stock surged.
Coupled with other non-equity sources of financing such as grants, the EXIM Bank money “could cover the construction cost for Santa Cruz,” Ivanhoe Electric said in a statement Tuesday. The loan, which is outlined in a letter of interest, would need to be repaid over 15 years. It would be provided through the lender’s “Make More in America” initiative, which aims to increase the US supply of critical minerals
Ivanhoe Electric is putting together a prefeasibility study for Santa Cruz that’s due to be completed in June. It expects to receive permits and start construction activities in the first half…
