Ivanhoe Electric has formed an exploration alliance with BHP to accelerate the search for copper and other critical minerals across six areas in the Southwest United States. The alliance, governed by a definitive Exploration Alliance Agreement, will operate with a joint commitment to develop potential mining projects under a 50/50 ownership model.
Under the terms of the three-year agreement, BHP will fund the alliance with an initial $15 million. The funding may be extended, with subsequent investments split equally between the two companies. Ivanhoe Electric will contribute its advanced Typhoon geophysical survey technology and data inversion software from Computational Geosciences to aid the exploration efforts.
The exploration phase, led by Ivanhoe Electric, will focus on Arizona, New Mexico, and Utah, using Typhoon technology to conduct airborne and ground-based surveys. This initial work aims to stake and acquire mineral rights within these areas.
Should the explorations prove successful and a joint venture is formed, each project within the designated areas of interest will be co-owned and developed by Ivanhoe Electric and BHP. This collaboration integrates BHP’s extensive resources with Ivanhoe’s cutting-edge exploration technologies, marking a significant step in both companies’ strategies to enhance the mining and production of essential minerals critical for the energy transition and electrification growth. 
