Ivanhoe Electric has received credit approval for a $200m senior secured multi-draw bridge facility, marking a key step in financing the Santa Cruz copper project in Arizona, US.
The facility, approved for Ivanhoe Electric subsidiary Mesa Cobre Holding, will provide enhanced liquidity to support early construction activities and working capital requirements at the Santa Cruz copper project.
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The banking syndicate consists of National Bank Capital Markets, Société Générale and BMO Capital Markets, serving as joint lead arrangers.
The bridge facility forms a key part of Ivanhoe Electric’s comprehensive project financing strategy, which also includes potential project-level minority investment and long-term project debt.
The bridge facility is expected to close in December 2025, pending the completion of definitive legal documentation and other customary conditions.
Ivanhoe Electric is in advanced negotiations with potential minority interest partners and project debt providers including the US Export-Import Bank (EXIM) and commercial banks.
The company aims to maintain progress on its indicative timeline for the Santa Cruz copper project, targeting initial copper cathode production in late 2028.
Ivanhoe Electric executive chairman Robert Friedland said: “As we advance toward breaking ground in 2026, Santa Cruz is steadily marching on the path to becoming one of the first new copper mines built in the US in almost two decades. Our mining process is designed to produce 99.99% pure copper metal on the Santa Cruz site, without the need for a smelter, thanks to the very high grade nature of our oxide copper reserves.
“Santa Cruz is the first step in our vision to grow a new American-based and American-focused critical metals company. Today’s credit approvals, coming from this group of top-tier mining financiers, are a clear vote of confidence in the project, our people and this vision.”
Since completing the Santa Cruz copper project preliminary feasibility study in June 2025, Ivanhoe Electric has been in detailed discussions regarding long-term project financing.
Financing options under consideration include project-level minority investments by strategic and financial investors, project debt and other potential sources.
In April 2025, Ivanhoe Electric received a letter of interest from EXIM for $825m in project debt.
The full application for funding from EXIM is under way, and Ivanhoe Electric aims to complete the project financing in the first half of 2026.
Ivanhoe Electric is a US-domiciled minerals exploration company focused on developing mines from mineral deposits primarily located in the US.
