If all goes according to plan, Ivanhoe Electric will begin construction of its Santa Cruz mine early next year in Arizona, the report said on Monday.
The report noted that the mine is in a prime location: it is located on a highway, along a rapidly developing industrial corridor between the cities of Phoenix and Tucson, which could be beneficial for investors. In addition, the site is located among arable land, factories and desert at the intersection of highways, railroads, power lines and gas pipelines, that is, far from public lands, unlike a number of other American mining enterprises, the newspaper reported.
In addition, the mine reportedly uses technology that allows separating oxide copper ore from other rocks during the metal mining process. Thus, the company will be able to obtain clean cathodes without sending products from the mine to the smelter, the report added.
US President Donald Trump announced on Wednesday that the US would impose a 50% tariff on copper starting August 1 to strengthen national security. Copper is used in a variety of products, from chips and lithium-ion batteries to ships and ammunition.