Ivanhoe Electric Inc. (NYSE:IE) is one of the best up and coming stocks to buy for the next 3 years. On May 11, Ivanhoe Electric announced its intent to acquire a Crossover XRE Tunnel Boring Machine/TBM and material handling system from The Robbins Company. The machine, which was previously used in Australia, will be refurbished in the US and initially deployed for decline development at the Santa Cruz Copper Project in Arizona.
This state-of-the-art technology is designed to operate through diverse and challenging ground conditions, offering a safer and more efficient alternative to traditional methods. The system will create a permanent, steel-reinforced concrete tunnel and includes an integrated conveyor to manage material handling both during development and future production phases.
The acquisition provides a proven method for mine access while derisking project development. Additionally, owning this specialized equipment grants Ivanhoe Electric Inc. the flexibility to pursue future expansions, specifically targeting the nearby high-grade Texaco Deposit, which remains open for further exploration.
Ivanhoe Electric Inc. is a US minerals exploration and development company that uses advanced technology to discover and develop critical metals like copper for electrification. The company also manufactures grid-scale vanadium redox battery storage systems through its control of VRB Energy.
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