Ivanhoe Electric Inc. (IE) closed a $200 million senior secured bridge facility through its subsidiary Mesa Cobre Holding Corporation, providing the cash needed to begin major construction on the Santa Cruz Copper Project in Arizona.
The two‑year loan, arranged by National Bank of Canada, BMO Capital Markets and Société Générale, carries an interest rate of 3 % plus the Secured Overnight Financing Rate (SOFR) plus a 5 % margin. The margin rises by 0.5 % at 6, 12 and 18 months after closing, and the facility is fully secured with a single repayment at maturity.
Collateral for the loan consists of Ivanhoe Electric’s private land holdings and the physical assets tied to the Santa Cruz project, giving lenders strong coverage. The bridge facility adds roughly $360 million of liquidity to the company’s balance sheet, a boost that follows a $172.5 million equity raise in October 2025.
The bridge loan is part of a broader financing plan that includes ongoing discussions for a $200 million project‑level debt facility and an expected $825 million loan from the U.S. Export‑Import Bank, slated for completion in mid‑2026. The new liquidity will allow construction to start in the first half of 2026 and position the project for first copper cathode production in late 2028.
Executive Chairman Robert Friedland said the credit approvals were a “clear vote of confidence in the project, our people, and this vision,” while President and CEO Taylor Melvin highlighted the bridge facility’s role in moving the company into an “exceptionally strong financial position.” Investors welcomed the announcement, noting the de‑risking of the project timeline and the company’s continued progress toward securing long‑term financing.
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