McEwen Copper Clinches Major Financing for Los Azules Project

McEwen Copper has reached a significant financial agreement with an undisclosed international financial institution, securing a $2.4 billion loan for the Los Azules copper project in Argentina. This agreement, part of a broader $4 billion financing package, was confirmed by Michael Meding, the company's vice president and general manager.

Los Azules, located in the Andean province of San Juan, ranks among the world's largest undeveloped copper projects and aims to be Argentina's first copper cathode producer. Meding detailed plans to structure the total financing with a 40-60 split between equity and debt.

Currently, discussions are underway with Rio Tinto and a variety of global industrial groups to obtain the needed $1.6 billion in equity. Los Azules anticipates commencing operations by 2029 with plans for an IPO by the year's end, capitalizing on favorable copper market conditions.

(With inputs from agencies.)