McEwen Inc. announced that its subsidiary McEwen Copper Inc. has signed a collaboration agreement with the International Finance Corporation, a member of the World Bank Group, to align the Los Azules copper project in Argentina with IFC's environmental, social, and governance standards. The partnership supports potential future debt and equity financing as part of McEwen Copper's broader strategy for the project, which represents one of the world's largest undeveloped copper deposits.
With Environmental Impact Declaration approval already secured and a feasibility study expected by October 2025, Los Azules is positioned to begin construction following final engineering and financing. The project aims to advance sustainable mining practices that emphasize transparency, lower carbon emissions, and community benefits. McEwen Copper holds a 46.4% stake in the Los Azules project, which aims to become Argentina's first regenerative copper mine with a target of achieving carbon neutrality by 2038.
A June 2023 Preliminary Economic Assessment estimates a $2.7 billion after-tax net present value at $3.75 per pound copper price, projecting a 27-year mine life with copper resources of 10.9 billion pounds at 0.40% copper indicated plus 26.7 billion pounds at 0.31% copper inferred. For detailed PEA information, investors can review McEwen's press release.
The collaboration with IFC represents a significant step in securing the project's financial future while ensuring adherence to international environmental and social standards. This partnership comes at a critical time as global demand for copper continues to grow, particularly for renewable energy technologies and electric vehicle infrastructure. The Los Azules project's alignment with IFC standards positions it favorably for international financing and demonstrates McEwen's commitment to responsible resource development.
McEwen Inc., as a gold and silver producer with operations across the Americas including Nevada, Canada, Mexico, and Argentina, brings substantial mining expertise to the Los Azules development. The timing of this announcement coincides with increasing global focus on sustainable mining practices and the critical role copper will play in the transition to cleaner energy systems worldwide.
