McEwen Copper, a subsidiary of Canadian gold and silver producer McEwen Mining, is seeking to raise $2.5 billion to advance the development of the Los Azules copper mine in Argentina, according to vice-president Michael Meding, as reported by Reuters.
The Los Azules project, an advanced-stage porphyry copper exploration initiative, is situated in San Juan, a province known for its pro-mining stance. The mine is projected to produce an average of 322 million pounds (mlb) of copper cathode annually, with an operational lifespan of 27 years, as outlined in the updated Preliminary Economic Assessment (PEA) completed in 2023.
This development comes as Argentina’s President Javier Milei has launched a new incentive program aimed at revitalizing the country’s mining sector, which has been dormant since the closure of its only copper mine in 2018. The initiative has already attracted interest from major industry players, including BHP.
Meding noted that the Los Azules project is expected to secure its environmental permit within the next four to six weeks. McEwen Copper plans to begin construction on the mine by the end of 2025, marking a significant step toward bolstering Argentina’s copper production and contributing to the global copper supply.
