McEwen Mining’s (NYSE: MUX) (TSX: MUX) 51.9%-owned subsidiary, McEwen Copper, recently closed an ARS 30 billion investment by FCA Argentina S.A., a subsidiary of Stellantis N.V. (NYSE: STLA). Proceeds from the investment are expected to be directed toward advancing the development of McEwen Copper’s 100%-owned Los Azules project in San Juan, Argentina. “We are delighted to have Stellantis as a partner in the future development of our Los Azules copper project,” McEwen Copper CEO Rob McEwen is quoted as saying of the investment. “Together, we share a vision to build a mine for the future based on regenerative principles that can achieve net-zero carbon emissions by 2038. We are committed to delivering green copper to Argentina and the world, a product that will contribute to the electrification of transport and the protection of our atmosphere.” According to a recent article, “McEwen Copper’s Los Azules project is regarded as one of the world’s largest undeveloped copper projects. According to a 2017 Preliminary Economic Assessment (‘PEA’), the project is expected to produce an average of 415 million pounds of copper annually for the first 13 years of operations. The PEA also anticipates the project will be the world’s 25th-largest copper producer during the first 10 years of the mine’s projected 36-year lifespan. Even so, McEwen Chair Rob McEwen is confident the mine will continue production well into the 22nd century. Thus, there’s little doubt about McEwen Copper’s contribution to the global decarbonization goals, especially because copper is extensively used across a variety of electrification systems as well as in heat exchanges thanks to its excellent thermal and electrical conductivity.”
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About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 52% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. McEwen’s chair and chief owner has personally provided the company with $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.
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