McEwen Inc. has secured approval for its Los Azules copper project to participate in Argentina's Large Investment Incentive Regime, as confirmed by Minister of Economy Luis Caputo. This designation solidifies a US$2.672 billion investment plan covering exploration, construction, and operations, representing a historic milestone for the San Juan Province project that will become Argentina's first producer of high-purity copper cathodes.
The RIGI approval validates both the technical and financial strength of Los Azules and its sustainability model, which emphasizes renewable energy utilization, minimal water consumption, and long-term contributions to local development. The project is projected to generate over US$30 billion in export revenues while creating substantial employment opportunities and boosting provincial and national tax revenues. Michael Meding, Vice President of McEwen Copper and General Manager of the Los Azules Project, stated that this approval reinforces McEwen Copper's long-term commitment to Argentina and the Province of San Juan.
McEwen Inc. holds 46.4% of McEwen Copper, the developer of the advanced-stage Los Azules copper project, which aims to become Argentina's first regenerative copper mine targeting carbon neutrality by 2038. According to a June 2023 Preliminary Economic Assessment, the project estimates a $2.7 billion after-tax NPV at $3.75 per pound copper, with a 27-year mine life and substantial copper resources. For detailed PEA information, investors can review McEwen's press release.
The company's shares trade publicly on both the New York Stock Exchange and Toronto Stock Exchange under the symbol MUX. Additional news and updates relating to MUX are available in the company's newsroom. MiningNewsWire, the specialized communications platform that distributed this announcement, provides comprehensive coverage of developments in the global mining and resources sectors as part of the Dynamic Brand Portfolio at IBN.
