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McEwen Copper Announces US$35 Million Investment by Nuton, a Rio Tinto Venture

Oct 24, 2024•over 1 year ago

Contract Type

partnership

TorontoMiningMineral

Description

McEwen Copper Inc. has announced the closing of an additional $35 million investment by Nuton LLC, a venture of Rio Tinto. This investment is part of a non-brokered private placement financing, with the proceeds earmarked to advance ongoing work on the feasibility study for the Los Azules copper project.

Company Information

Company

McEwen Mining Inc

Location

Toronto, Ontario, Canada

About

McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA. Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds at a grade of 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at a grade of 0.31% Cu (Inferred category). A PEA published in June 2023 estimated a $2.7 billion after-tax NPV8% at $3.75/lb Cu and a 27-year mine life. After closing the Stellantis investment, also announced today, and the pending investment by Nuton, McEwen Copper will have 30,937,615 common shares outstanding, and its shareholders are: McEwen Mining Inc. 47.7%, Stellantis 19.4%, Nuton 14.5%, Rob McEwen 12.9%, Victor Smorgon Group 3.2%, and other shareholders 2.3%.

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