Ivanhoe Electric signs $64.7M definitive TBM purchase agreement for Santa Cruz Copper Project

Ivanhoe Electric Inc.

Total purchase price $64.7M for tunnel boring machine from Robbins; $1.1M deposit already paid.
Remaining $63.6M due in milestones: 20% after signing, 32.5% at shipping, 20% at delivery, 27.5% at commissioning.
Commissioning target July 30, 2027; liquidated damages $50,000 per calendar day for delay caused by Robbins.
Agreement signed May 28, 2026; TBM will bore the mine decline tunnel at Santa Cruz Copper Project near Casa Grande, AZ.
Assembly costs of $5.8M paid separately; title transfers upon delivery at project site.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ivanhoe Electric Inc. entered into Agreement for the Purchase, Supply, Transport, Assembly, Testing, and Commissioning of a Tunnel Boring Machine and Associated Equipment with Global TBM Company dba Robbins valued at $64,710,043 (effective 2026-05-28).

Action: entry
Agreement: supply
Counterparty: Global TBM Company dba Robbins
Value: $64,710,043
Effective: 2026-05-28

Exact text from the filing

On May 28, 2026, the Company, through its wholly owned subsidiary Mesa Cobre Holding Corporation (“Mesa Cobre”), entered into an Agreement for the Purchase, Supply, Transport, Assembly, Testing, and Commissioning of a Tunnel Boring Machine and Associated Equipment (the “Purchase Agreement”) with Global TBM Company dba Robbins.

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Ivanhoe Electric Inc. filing history →

Source: SEC EDGAR

accession 0001104659-26-068231

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