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Los Azules copper project, Argentina – update

View of the Los Azules project

Photo by McEwen Mining

8th August 2025

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the project
Los Azules copper project.

Location
San Juan province, Argentina.

Project Owner/s
Gold and silver producer focused on the Americas 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 project will be powered by 100% renewable electricity once in operation, progressing towards being carbon neutral by 2038.

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
About $2.7-billion.

Planned Start/End Date
Los Azules has the potential to start construction in early 2026.
 
Latest Developments

McEwen Mining expects to complete a feasibility study in two months, paving the way to seek $600-million in financing needed to build infrastructure in 2026, a top executive has said.

In the coming year, expanding the on-site encampment, building roads and erecting electricity lines are planned. Mine construction is slated to start in 2027, with production starting in late 2029 or early 2030.

"Our main challenge isn't engineering ... it's mobilizing the necessary funding so we can move at the pace we'd like," VP of McEwen Copper Michael Meding has said.

It is hoped that $277-million of the investment will qualify for an incentive programme launched under President Javier Milei, known as the Incentive Regime for Large Investments, or RIGI, meant to strongly encourage major investments.

Key Contracts, Suppliers and Consultants
Samuel Engineering Inc, with contributions from Knight Piésold Consulting, Stantec Consulting International, McLennan Design, Whittle Consulting and SRK Consulting UK (PEA).

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

Edited by Creamer Media Reporter

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