According to SMM, a new preliminary feasibility study (PFS) on Ivanhoe Electric's Santa Cruz copper mine project in Arizona showed that the project's initial cost was $1.24 billion, with a post-tax net present value (NPV) of $1.4 billion. The underground mine, with a lifespan of 23 years, could produce 72,000 mt of copper cathode annually during the first 15 years, with an internal rate of return (IRR) of 20% under a base case scenario of $4.25 per pound of copper, Ivanhoe said on Monday. Based on the current high-grade copper price of $4.83 per pound on Comex, the NPV rose to $1.9 billion and the IRR increased to 24%.