Ivanhoe Electric Negotiates Copper Sales for Santa Cruz Project

Ivanhoe Electric is in advanced negotiations with strategic buyers and commodity traders to sell copper from its Santa Cruz project in Arizona. CEO Taylor Melvin stated that demand is driven by the requirements of U.S. power grids and artificial intelligence infrastructure, specifically data centers.

The company is pursuing project financing to cover the estimated $1.4 billion cost of the first phase, which targets initial production by 2029. This includes a potential $1.1 billion debt package from the U.S. Export-Import Bank and ongoing discussions with approximately twelve commercial banks.

To reduce emissions and streamline delivery, the project will produce copper cathode on-site. Melvin noted that the Santa Cruz project and nearby resources could establish one of the largest copper-producing districts in the United States.