Copper-hungry US buyers circle Ivanhoe Electric mine
Ivanhoe Electric is in advanced negotiations to sell copper from its $1.4-billion Santa Cruz project in Arizona, with interest from commodity traders and strategic partners, CEO Taylor Melvin told Bloomberg News. Melvin said offtake agreements could include financing to help develop the mine, and the company received a preliminary EXIM Bank letter outlining up to $1.1 billion in potential debt financing, which is not a final loan commitment. Ivanhoe is also discussing project financing with about a dozen commercial banks, and first production is targeted for 2029.
Why it matters: The negotiations illustrate strategic competition for critical minerals and US efforts to reduce reliance on imported copper.