Ivanhoe Electric, which owns and develops US mineral projects with copper, gold, and critical metals, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering. The company plans to dual list on the NYSE American and the Toronto Stock Exchange.
Headquartered in Vancouver, Canada, Ivanhoe Electric is a minerals exploration and development company focused on developing mines from mineral deposits principally located in the United States. The company is led by mining billionaire Robert Friedland, the founder and Executive Co-Chairman of Ivanhoe Mines (TSX: IVN). Ivanhoe Electric has two material mineral projects, the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah. The company believes its projects can support American supply chain independence and deliver the metals necessary for electrification of the economy, such as copper, gold, silver, nickel, cobalt, vanadium and the platinum group metals.
Ivanhoe Electric's mining projects are still in the exploration stage and have not yet generated revenue; instead, the company's revenue to date has come from its ownership of a data processing firm servicing the oil and gas industry, and a developer of vanadium-flow batteries.
The company traces its roots 2010 and booked $10 million in revenue for the 12 months ended March 31, 2022. It plans to list on the NYSE American and TSX under the symbol IE. Ivanhoe Electric filed confidentially on February 9, 2022. BMO Capital Markets and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
