Ivanhoe Electric (IE.TO) was at last look up 27% after the company said it received a Letter of Interest from the Export-Import Bank of the United States (EXIM Bank) outlining up to US$825 million in possible debt financing with a 15-year repayment period.
The financing, if approved, would be for the development of the Santa Cruz Copper Project in Arizona. The company anticipates that permits will be received and initial construction begin in the first half of next year.
The Santa Cruz Copper Project aligns with the EXIM Bank's Make More in America initiative, which is intended to increase the United States' supply of critical minerals to foster economic growth and strengthen national security through domestic resource production, the statement noted.
Ivanhoe Electric is pursuing additional government support programs at the EXIM Bank, while looking at other financing alternatives.
The company's shares were last seen up $1.90 to $8.94 on the Toronto Stock Exchange.
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