- McEwen Mining subsidiary McEwen Copper has been gaining increased financial support as it develops a major copper mine opportunity in Argentina described as one of the 10 largest undeveloped deposits in the world
- Mining giant Rio Tinto’s venture Nuton LLC has boosted last year’s $25 million investment into McEwen Copper with a new $30 million addition, all on top of the recent Stellantis investment of approximately $155 million
- The project in Argentina’s San Juan province benefits from a mining-friendly government and population
- The demand for copper is expected to continue to grow as a result of its importance to green energy transition efforts and ongoing challenges the metal’s supply stream faces
The strength of metals explorer McEwen Copper’s profile and of its parent company McEwen Mining (NYSE: MUX) (TSX: MUX) was further demonstrated recently by a second investment of $30 million, at $18.75 per share boost to an investment made by mining and metals giant Rio Tinto’s venture Nuton LLC. Nuton first invested $25 million last August, at $10 per share. as part of a private placement to help fund McEwen Copper’s development of its Los Azules Project in Argentina’s mining friendly province of San Juan (https://ibn.fm/cAKBx).
The Nuton investment is in addition to the recently announced closure of an investment by automotive multinational Stellantis, the world’s 4th largest automobile manufacturer, of approximately $155 million.
McEwen Copper Inc. holds 100 percent interest in the Los Azules copper project and McEwen Mining owns about 52 percent of McEwen Copper, Nuton and Stellantis each own 14.2% and Rob McEwen owns 13.8%.
“We are extremely pleased to have Nuton’s strong continued participation in McEwen Copper. Together we are exploring new technologies that save energy, water, time and capital in the pursuit of delivering green copper to Argentina and the world, a product that will contribute to the electrification of transportation and the protection of our atmosphere,” McEwen Copper CEO Rob McEwen stated (https://ibn.fm/WfNmr).
Last year MINING.COM, and its sister company Miningintelligence, included the Los Azules Project as being among the 10 largest undeveloped copper deposits in the world, noting its current copper resources at an estimated 10.2 billion pounds at a grade of 0.48 percent Cu (Indicated category) and an additional 19.3 billion pounds at a grade of 0.33 percent Cu (Inferred category) (https://ibn.fm/TlMjj).
Copper is regarded as a bellwether metal signaling the direction of the global economy, and while prices have remained below 2021’s peak their northward trend has generated excitement among market watchers this year (https://ibn.fm/ssDgC). The metal is vital for the transition to green energy that world governments and climate change activists have been seeking, and demand for it is expected to continue climbing even as the supply chain faces challenges that new productivity in Argentina could help to alleviate (https://ibn.fm/1qfKN).
Los Azules has been popular with the local government because of the pioneering efforts to make mine development more environmentally friendly and because of the employment opportunities it provides hundreds of workers in the region (https://ibn.fm/9vXUc).
McEwen Copper states it is well-funded into 2024. Updated Preliminary Economic Assessment (“PEA”) expected in early Q2 2023 and an IPO in late H2 or early 2024.
For more information, visit the company’s website at www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX
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