The Santa Cruz Copper Project is a high-grade underground copper mine being developed by Ivanhoe Electric in Casa Grande, Arizona, approximately 77 kilometers south of Phoenix. Situated on private land, this project features a large high-grade copper oxide deposit and aims to produce 99.99% pure copper cathode on-site using advanced heap leach technology, eliminating the need for a smelter. Recent developments include a $200 million bridge loan secured in late 2025 to fund early construction, with a Definitive Feasibility Study completed earlier that year. Construction is targeted to begin in early 2026, with first production expected in late 2028.
Published 13th November 2025: Ivanhoe Electric has secured a US $200 million bridge loan to advance its US copper ambitions. The loan comes from a syndicate of major banks including National Bank Capital Markets, Société Générale and BMO Capital Markets. Moreover, this financing positions the company strongly as it speeds toward construction beginning in early 2026.
Location and strategic importance
The project lies at the Santa Cruz Copper Project, about 77 km south of Phoenix, Arizona. The asset is one of the first new U.S. copper mines in nearly two decades and stands to boost domestic supply of a critical metal. Given rising demand for copper in electrification and infrastructure, this asset aligns with national and industrial priorities.
Executive Chairman Robert Friedland called the loan a “clear vote of confidence” in the project’s potential. CEO Taylor Melvin noted the company will have added over US $360 million in liquidity this quarter following the deal. Despite the positive financing move, the company’s stock dipped about 3.9 % on the day, reflecting broader market weakness.
Project Factsheet
Project: Santa Cruz Copper (Arizona, USA)
Location: Casa Grande, approx. 77 km south of Phoenix, Arizona
Loan amount: US $200 million bridge loan
Bank group: National Bank Capital Markets, Société Générale, BMO Capital Markets
Resource estimate: ~3 million tonnes of indicated copper resources (~half mineable reserves)
Mine plan: 23-year mine producing ~72,000 tonnes of 99.99% copper cathodes annually in the first 15 years
Capex / economics: Initial capex ~US $1.24 billion; after-tax NPV ~US $1.4 billion; IRR ~20% (at US $4.25/lb copper)
Cash cost: US $1.32/lb over life of mine—first quartile globally
Target production: Late 2028 for cathode production start, pending approvals
What Are The Next Steps
Going forward, Ivanhoe Electric will pursue long-term debt and project-level minority investment to fully fund construction. Similarly, Emerson’s partnership with Lithium Americas at the Thacker Pass lithium mine in Nevada highlights how technology-driven collaborations are advancing critical mineral projects in the U.S. Simultaneously, the company will advance permitting, engineering and land development to meet its construction timetable.Meanwhile, the project’s low-cost structure and domestic location give it strong competitive and strategic advantages. As U.S. copper demand rises, the Santa Cruz project stands to play a meaningful role in meeting the country’s resource and infrastructure goals—a critical supply chain need as major undertakings launch, such as Skanska kicking off the $220 million rehab of the Commodore Barry Bridge in New Jersey.
