Photo by: McEwen Copper
Name of the project
Los Azules copper project.
Location
San Juan province, Argentina.
Project Owner/s
McEwen Copper, a subsidiary of McEwen Mining.
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 Mining has announced a step forward for its project with a $70-million financing initiative through its subsidiary, McEwen Copper.
The financing, conducted through a nonbrokered private placement, aims to issue up to 2.34-million shares at $30 each.
Prior to the financing, McEwen Mining held 14.77-million shares (47.7%) of McEwen Copper, while founder Rob McEwen owned four-million shares (12.95%). After financing, McEwen Mining’s ownership will decrease slightly, to 45.8%, with McEwen’s stake at 12.5%.
Proceeds from the offering will primarily fund the advancement of a bankable feasibility study for the project, scheduled for completion by the end of the first quarter 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.