Ivanhoe Electric (NYSE American: IE; TSX: IE) Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to announce the signing of a binding Purchase and Sale Agreement (“PSA”) with Wolff-Harvard Ventures LLC (“Seller” a.k.a. “Legends Property”) for the acquisition of surface land at its Santa Cruz Copper Project in Casa Grande, Arizona. The acquisition totals 6,205 acres of surface title and associated water rights.
Ivanhoe Electric also holds the option to acquire all the mineral titles contiguous with the acquired surface lands. Those mineral rights will be formally acquired upon the completion of scheduled payments by Ivanhoe Electric to the current mineral title holder in August 2023 and 2024. At that time, Ivanhoe Electric will have a unified land and mineral package encompassing the entire Santa Cruz Project.
Mr. Friedland commented: “Acquiring the surface land at our Santa Cruz Project is a significant step towards realizing our vision of developing a high-grade, low carbon dioxide footprint underground copper mine on private land. We are designing our Santa Cruz Project to be a modern, responsible underground mining operation that will employ a skilled workforce and provide an economic boost to Arizona’s growing industrial economy while supporting supply chain independence in the United States for electric metals. The large area of flat land that we are acquiring is ideally suited for renewable solar energy, which we plan to utilize to power our Santa Cruz Project. This important transaction is the culmination of our hard work to reunite the surface land with the subsurface mineral rights we already have the option to acquire, giving Ivanhoe Electric control of a large, high-grade copper project on private land in the Copper State.”
Mr. Melvin commented: “This agreement is a major milestone for our Santa Cruz Project. Acquiring such a large area of private land and associated water rights, in the heart of a growing industrial area near Casa Grande with excellent access to infrastructure including nearby rail, highways and electric transmission lines, is a tremendous advantage for Ivanhoe Electric. Acquiring this land gives our team the flexibility they need to design and develop a minimally disruptive, efficient and modern underground copper mining operation, and provides significant potential for on-site solar power. This land will be a valuable long-term asset for the future of the Santa Cruz Project and our company.”
Video footage of the Santa Cruz Copper Project, located just west of Casa Grande and approximately 40 miles south of Phoenix, Arizona.
