Ivanhoe Electric Secures Credit Approval for $200 Million Bank Credit Facility to Support Santa Cruz Copper Project Development

Core Viewpoint - Ivanhoe Electric has secured a $200 million credit facility to support the development of the Santa Cruz Copper Project, marking a significant step in its project financing strategy and enhancing liquidity for early construction activities [1][2][3]. Financing Details - The Bridge Facility will provide early liquidity support and is a crucial part of the overall financing strategy, which may include project-level minority investments and long-term project debt [2][8]. - The facility has a two-year maturity and is priced at the three-month Secured Overnight Financing Rate plus a margin of 5.0%, with an expected rate of approximately 8.8% at the time of the announcement [6][7]. Project Development - Ivanhoe Electric is in advanced discussions with potential minority interest partners and project debt providers, including the U.S. Export-Import Bank [3][9]. - The Santa Cruz Copper Project aims to produce approximately 3 billion pounds of pure copper over its initial 23-year mine life, with first copper cathode production targeted for late 2028 [4][14]. Employment and Economic Impact - The project is expected to create around 1,000 skilled jobs during the construction phase, contributing to local economic development [4][14]. Company Vision - The company aims to establish itself as a new American-focused critical metals producer, enhancing supply chain security for copper and other essential metals [4][10].