Ivanhoe Electric Acquires 100% Ownership of Santa Cruz Copper Project, Arizona
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Ivanhoe Electric has completed the final $10 million payment to exercise its option to acquire 100 percent ownership of the mineral rights at the Santa Cruz Copper Project in Arizona.
Following this transaction, Ivanhoe Electric now owns 100 percent of the mineral and surface rights for the Santa Cruz Copper Project.
“Completing our option agreement and securing 100 percent ownership of the mineral rights at our Santa Cruz Copper Project in Arizona is an important milestone for our company. We have now completed the consolidation of surface and mineral rights ownership at one of the largest and highest grade undeveloped copper resources in the United States that is located entirely on private land,” said Taylor Melvin, Ivanhoe Electric’s president and chief executive officer.
Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. They use its accurate and powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by its subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as they seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivnahoe believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Their mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold, and silver. Through the advancement of their portfolio of electric metals exploration projects, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as other exploration projects in the United States, they intend to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. Ivanhoe also operates a 50/50 joint venture with Saudi Arabian Mining Company Ma’aden to explore for minerals at the underexplored Arabian Shield in the Kingdom of Saudi Arabia.
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