Ivanhoe Electric Inc. completed the final $39.3 million land acquisition payment for its Santa Cruz Copper Project in Arizona, clearing the last financial hurdle in the Purchase and Sale Agreement with Wolff‑Harvard Ventures LLC. The payment satisfies the remaining terms of the agreement and removes a key barrier to beginning major mine construction in early 2026, subject to permitting.
The $39.3 million transaction was the last of a series of payments that secured the 100 % ownership of the 1,200‑acre project site. By closing this payment, Ivanhoe Electric has de‑risked the land‑acquisition phase and positioned the project to move forward with engineering, environmental studies and construction planning. The milestone also confirms that the company has the cash flow and balance‑sheet strength to support the next phase of development.
Ivanhoe Electric has secured a $200 million senior secured multi‑draw bridge facility that is expected to close in December 2025, and the company is in advanced discussions with the U.S. Export‑Import Bank for up to $825 million in project debt. These financing steps are part of a broader strategy to assemble a full $1.24 billion capital package for the 23‑year mine life, which is projected to produce 1.4 million tonnes of copper cathode and create roughly 900 construction jobs and 600 operating jobs.
The Santa Cruz project is notable for its high‑grade oxide copper reserves, which allow the mine to produce 99.99 % pure copper metal without the need for a smelter. The project is expected to be one of the first new U.S. copper mines in nearly two decades, supporting domestic supply‑chain independence for critical metals used in electric vehicles, renewable energy infrastructure and advanced electronics.
President and CEO Taylor Melvin said the land‑payment milestone “accelerates our final land payments and positions us to commence initial construction in early 2026, subject to permits.” Executive Chairman Robert Friedland added that the project “is steadily marching toward becoming one of the first new U.S. copper mines in almost two decades, and it is the first step in our vision to grow a new American‑based, American‑focused critical metals company.”
With the land acquisition complete and financing on track, Ivanhoe Electric is now focused on securing the necessary permits, finalizing engineering designs and beginning construction. The company remains on schedule to deliver its first copper cathode production in late 2028, aligning with its long‑term growth strategy and the growing demand for copper in the transition to a low‑carbon economy.
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