Ivanhoe Electric acquires 6,205 acres at Santa Cruz Copper Project for $120.5M

Ivanhoe Electric Inc.

Acquires 6,205 acres of private land and water rights at Santa Cruz Copper Project in Arizona for $120.5M.
Payment: $34.3M at closing, $34.3M in 6 months, then four $13M annual installments; interest Prime+1%.
Land reunites surface with mineral rights Ivanhoe has option to acquire, creating unified project package.
Property has access to rail, highways, electric transmission; planned for solar-powered underground copper mine.
Mine construction triggers full outstanding balance payment before major construction begins.

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 Purchase and Sale Agreement with Wolff-Harvard Ventures, LLC valued at $120.5 million (effective 2023-05-10).

Action: entry
Agreement: asset purchase
Counterparty: Wolff-Harvard Ventures, LLC
Value: $120.5 million
Effective: 2023-05-10

Exact text from the filing

On May 10, 2023, Mesa Cobre Holding Corporation (“Mesa Cobre”), a wholly-owned subsidiary of Ivanhoe Electric Inc. (the “Company”), entered into a binding Purchase and Sale Agreement (the “Agreement”) with Wolff-Harvard Ventures, LLC (“Wolff-Harvard”).

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Ivanhoe Electric Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-006238

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