Ivanhoe Electric Strengthens Santa Cruz Copper Project Financing
Ivanhoe Electric advances its development plan as it secures credit approval for a $200m senior secured bridge facility. The funding supports the Santa Cruz copper project financing and boosts liquidity for early construction at the high-grade site in Arizona. As a result, the move increases project momentum and keeps the company aligned with key milestones.
The banking group—National Bank Capital Markets, Société Générale and BMO Capital Markets—will arrange the multi-draw facility for Mesa Cobre Holding. The bridge facility also forms a core pillar of the broader Santa Cruz copper project financing strategy. Moreover, Ivanhoe Electric continues talks with the U.S. Export-Import Bank (EXIM) and several commercial lenders to secure additional long-term financing.
Ivanhoe Electric targets first copper cathode output in late 2028. The company plans to use a process that produces 99.99% pure copper directly on-site. Furthermore, executive chairman Robert Friedland notes that Santa Cruz aims to become one of the first new U.S. copper mines in almost twenty years. The company also frames the project as a key step in building a new American-focused critical metals platform. This vision highlights the strategic importance of strong Santa Cruz copper project financing as the company approaches 2026.
Key Milestones Ahead for Long-Term Funding
The company aims to close the bridge facility in December 2025 after completing legal documentation and other conditions. In addition, discussions with investors, financial partners and EXIM move forward as Ivanhoe Electric works toward full financing by the first half of 2026.
Santa Cruz Copper Project Financing Supports U.S. Critical Metals Strategy
Santa Cruz offers a rare large-scale U.S. copper development during a period of rising demand for battery materials and grid metals. Therefore, the strengthened financing plan signals growing confidence from leading mining financiers. It also reinforces the long-term economic and strategic value of the project for the U.S. critical minerals sector.
SuperMetalPrice Commentary:
Santa Cruz stands out as a major North American copper development with strong grade, integrated processing and early financial support. The success of Ivanhoe Electric’s financing plan signals continued investor appetite for U.S.-based critical minerals projects. SuperMetalPrice expects additional capital inflows into American copper assets as the energy transition intensifies demand and policymakers prioritize domestic supply security.
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