Name of the project
Los Azules copper project.

Location
San Juan province, Argentina.

Project Owner/s
McEwen Mining 46.4%, Stellantis 18.3%, Nuton 17.2%, Rob McEwen 12.7%, Victor Smorgon Group 3% and other shareholders 2%.

Project Description
The large, high-grade openpit copper project has significant growth potential.

According to the  updated preliminary economic assessment (PEA), completed in 2023, Los Azules is expected to produce an average of 322-million pounds of copper cathode a year over a 27-year life-of-mine. 

The 2023 PEA financial model does not include potential future development phases focused on primary copper mineralisation found beneath the supergene copper.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an estimated 8% discount rate, of $2.66-billion and an internal rate of return of 21.2%, with a payback of 3.2 years.

Capital Expenditure
Initial capital expenditure is estimated at $2.46-billion in the base case.

Planned Start/End Date
Not stated.

Latest Developments
McEwen Copper is scouting for investors to raise $2.5-billion to advance the construction of the Los Azules copper mine. The company has invested more than $400-million to date. 

The company aims to qualify for Argentina President Javier Milei’s Incentive Regime for Large Investments, or RIGI, in about three months. The scheme offers 30 years of tax credits, lighter customs duties and a progressive easing of capital controls.

Los Azules is due to receive a key environmental permit in four to six weeks. The company hopes to start planning for construction by the end of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
McEwen Mining +1 647 258 0395 or email info@mcewenmining.com.