Ivanhoe Electric has secured 100% ownership of the mineral rights at the Santa Cruz Copper Project in Arizona, US, after paying the final $10m as stipulated by an option deal.

This transaction, conducted through its wholly owned subsidiary, Mesa Cobre Holding, ensures the company now holds complete control over both the mineral and surface rights of the project.

The Santa Cruz Project covers 5,975 acres of private land and includes associated water rights. The location offers strong infrastructure support, featuring access to railways, interstate highways, as well as electric transmission lines.

In September 2023, the Santa Cruz Initial Assessment was completed and outlined a small-scale surface footprint for an underground copper mine.

The projected copper production over a 20-year mine life is 1.6 million tonnes, with a cash cost of $1.36 per pound of copper.

Ivanhoe Electric president and CEO Taylor Melvin said: “Completing our option agreement and securing 100% ownership of the mineral rights at our Santa Cruz Copper Project in Arizona is an important milestone for our company.

“We have now completed the consolidation of surface and mineral rights ownership at one of the largest and highest-grade undeveloped copper resources in the United States that is located entirely on private land.”

Meanwhile, in March this year, Ivanhoe Electric finalised an agreement to acquire a 60% stake in the Samapleu-Grata Nickel-Copper project in Côte d'Ivoire, around 600km from Abidjan.

Operated as a joint venture in partnership with Sama Resources, the Côte d'Ivoire project covers roughly 835km² of area.