Ivanhoe Electric is thrilled to announce the development of the Santa Cruz Copper Project, marking the first American-owned copper mine built in the United States in over a decade. This landmark project, located in Arizona, is set to produce nearly 3 billion pounds of copper over its operational lifespan, significantly contributing to the domestic supply of this critical mineral.
CEO Taylor Melvin stated, “We are excited to lead the charge in restoring American mineral production. The Santa Cruz Copper Project not only represents a significant investment in our economy but also addresses the urgent need for domestic sources of copper, which is essential for various industries, including renewable energy and electric vehicles.”
Key Project Highlights:
- Location: Santa Cruz, Arizona
- Estimated Production: Almost 3 billion pounds of copper over the mine’s life
- Annual Production: Approximately 72,000 tonnes of copper cathode for the first 15 years
- Total Mine Life: 23 years
- Initial Capital Cost: Estimated at $1.24 billion
- Net Present Value (NPV): $1.9 billion at current copper prices
- Internal Rate of Return (IRR): 24%
- Projected Start of Construction: 2026
- First Copper Production: Expected in 2028
The Santa Cruz Copper Project is designed to utilize a conventional on/off heap-leach facility, producing 99.99% pure LME Grade A copper cathode. The project is expected to create thousands of jobs and stimulate the local economy, reinforcing Ivanhoe Electric’s commitment to sustainable and responsible mining practices.
Strategic Importance
As the U.S. seeks to secure its supply chains for critical minerals, the Santa Cruz Copper Project will play a vital role in reducing reliance on foreign sources. This initiative aligns with national security interests and supports the growing demand for copper in the transition to a greener economy.
About Ivanhoe Electric
Ivanhoe Electric is a leading mining company focused on developing innovative and sustainable mining solutions. With a commitment to environmental stewardship and community engagement, Ivanhoe Electric aims to set new standards in the mining industry.
For more information about the Santa Cruz Copper Project and Ivanhoe Electric, please visit www.ivanhoeelectric.com.
