Ivanhoe Electric Inc. closed a $200 million senior secured multi-draw bridge facility to support the Santa Cruz Copper Project development in Arizona.
The facility strengthens liquidity ahead of long-term project financing and construction activities planned for 2026.
The Bridge Facility complements ongoing discussions for project-level minority equity investment and long-term project debt.
Bridge Facility Terms
The $200 million facility has a two-year maturity term, with a single repayment at maturity, and is secured by Ivanhoe Electric's private land holdings and physical assets related to the Santa Cruz Copper Project.
Project Financing Progress
Ivanhoe Electric received a $825 million project debt Letter of Interest from the U.S. Export-Import Bank, with the full application in process, expecting to complete project financing by mid-2026.
Advisors Involved
Endeavour Financial acted as the financial advisor, and Allen Overy Shearman Sterling US LLP provided legal counsel for the Bridge Facility.
- The Bridge Facility strengthens Ivanhoe Electric's position for ongoing project financing discussions and kick-starts major construction activities at the Santa Cruz Copper Project in 2026.
- Securing the project debt from the U.S. Export-Import Bank provides significant financial backing for the Santa Cruz Copper Project's development.
- The involvement of reputable financial and legal advisors enhances Ivanhoe Electric's strategic planning and execution capabilities.
The closure of the $200 million Bridge Facility marks a crucial step in Ivanhoe Electric's long-term financing strategy, setting the stage for the successful development of the Santa Cruz Copper Project. With progress in project financing and key partnerships, Ivanhoe Electric is well-positioned for growth in the critical metals exploration sector.