Ivanhoe Electric turns to Arizona for new headquarters

Robert Friedland’s Ivanhoe Electric Inc. is moving its headquarters out of Canada.

The minerals explorer has opted to trade its Vancouver head office location for a southern US base in Arizona, according to its new Phoenix-based Chief Executive Officer Taylor Melvin.

“We’re in the process of establishing our headquarters in Phoenix or in the Phoenix area,” Melvin said Wednesday in an interview. “That’s a near-term priority.”

Ivanhoe Electric described itself as an “United States domiciled” company with its corporate headquarters in Canada in regulatory filings tied to its initial public offering. The firm raised $169 million in its June IPO, with shares listed in both New York and Toronto. The stock has risen 5.8% since going public.

Ivanhoe Electric owns or holds stakes in nine electric metals developments across the US, including the Santa Cruz copper project in Arizona and its Tintic project in Utah, which holds copper, gold and silver. The firm is focusing on boosting the US supply of critical minerals when demand for battery metals and electric vehicles has soared.

Vancouver has been home to several of Friedland’s ventures, including Ivanhoe Mines Ltd., Ivanhoe Energy Inc., Diamond Fields Resources Ltd. and High Power Exploration Inc. Friedland is executive chairman of Ivanhoe Electric. Melvin became CEO last month.

(By Jacob Lorinc)