Mentioned:
The world needs more copper. And Ivanhoe Electric is planning to find it in Arizona.
What’s happening:
- Ivanhoe Electric (NYSE: IE) has completed the final payment as part of their option agreement for the Santa Cruz Copper Project for $10M USD, which gives them full ownership of the property
Why it matters:
- The Arizona based Santa Cruz Copper Project is one of the largest undeveloped copper projects on private land in the United States of America
- Copper prices have been on the rise due to the increased demand from renewable energy infrastructure, electric vehicles and even data centres
By the numbers:
- Ivanhoe Electric now owns 100% of both the surface and mineral rights for the Santa Cruz property
- Approximately 65% of all American based copper production has come from Arizona over the past 5 decades
- Ivanhoe Electric currently estimates that 70% of all the electricity required to develop the Santa Cruz Copper Project will be able to be sourced from renewable energy to lower carbon emissions
Going deeper:
- Ivanhoe Electric previously partnered with mining giant BHP (NYSE: BHP) to leverage technology to make new copper discoveries that are located in the United States
The intrigue:
- The Department of Energy recently announced billions of dollars in new funding commitments for the power grid across the United States, which also will require an enormous amount of copper supply due to the high electrical conductivity and thermal efficiency of the metal
