Ivanhoe Electric gets $200m bridge facility for Santa Cruz
Copper developer Ivanhoe Electric has secured credit approvals from a syndicate of three international lenders for a $200-million senior secured multi-draw bridge facility to support early works at the Santa Cruz project in Arizona.
The facility, arranged by National Bank Capital Markets, Société Générale and BMO Capital Markets, will provide liquidity for initial construction and working capital needs as part of the company’s wider project financing strategy.
Closing is expected in December, subject to final documentation and customary conditions.
Ivanhoe Electric is also in advanced talks with potential minority partners and long-term lenders, including the US Export-Import Bank, which issued an $825-million letter of interest in April.
The company aims to break ground on Santa Cruz in 2026 and is targeting first production of copper cathode in late 2028. The project is planned to produce three-billion pounds of copper over a 23-year mine life and employ about 1 000 workers during construction.
Executive chair Robert Friedland said the credit approvals signalled strong support from major mining financiers as the company progressed what could become one of the first new US copper mines in nearly two decades.
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