Santa Cruz Copper Project Publishes PFS Results
Ivanhoe Electric Inc.'s Santa Cruz Copper Project in Arizona has taken a major step forward with the publication of its 2026 Preliminary Feasibility Study (PFS). The study confirms a high-grade, low-cost underground mine plan with tunnel boring machine access, de-risking project design and costs. This milestone paves the way for construction and financing discussions.
The PFS reveals an initial capital cost of $1.43 billion and cash operating costs of $1.47 per pound of copper, resulting in an after-tax net present value of 8% or approximately $3.5 billion at a current COMEX copper price of around $6.79 per pound.
The Santa Cruz project is designed to produce pure copper cathode without smelting and has significant copper mineral resources beyond its current mine plan, supporting future expansion potential on existing private land. Initial development activities have commenced, with first copper cathode production projected in 2029.
Ivanhoe Electric Inc. will host a conference call on September 23rd to discuss the PFS results and financing pathways outlined, including a US EXIM PPL for up to $1.1 billion.