Deterra Royalties (ASX:DRR) acquired an existing 1.75% net smelter return royalty covering a portion of the Santa Cruz project in Arizona, owned and operated by Ivanhoe Electric, for $74.2 million, according to a Tuesday filing with the Australian bourse.

The company also agreed to update the royalty rate, which will now apply at 1.68% until the 6th anniversary of commercial production, then reduce to 1.57% afterward, the filing said.