Ivanhoe Electric receives $200m in financing for Santa Cruz copper project

Core Insights - Ivanhoe Electric has secured credit approval for a $200 million senior secured multi-draw bridge facility to finance the Santa Cruz copper project in Arizona, enhancing liquidity for early construction and working capital needs [1][2] - The banking syndicate includes National Bank Capital Markets, Société Générale, and BMO Capital Markets as joint lead arrangers, with the facility expected to close in December 2025 [2] - The company is in advanced negotiations with potential minority interest partners and project debt providers, including the US Export-Import Bank, aiming for initial copper cathode production by late 2028 [3][6] Financing Strategy - The bridge facility is a crucial part of Ivanhoe Electric's comprehensive financing strategy, which may involve project-level minority investments and long-term project debt [2][5] - Financing options under consideration include project-level minority investments and project debt, with a letter of interest from EXIM for $825 million in project debt received in April 2025 [6] Project Development - The Santa Cruz project is positioned to be one of the first new copper mines in the US in nearly two decades, with a mining process designed to produce 99.99% pure copper without a smelter [4][5] - The company aims to complete project financing in the first half of 2026, following detailed discussions since the preliminary feasibility study completion in June 2025 [5][6] Company Overview - Ivanhoe Electric is a US-domiciled minerals exploration company focused on developing mines from mineral deposits primarily located in the US [7]