McEwen Copper seeks $2.5 bln for Argentina copper mine Los Azules
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by Energy News updated November 28, 2024 2:02 PM
Canada's McEwen Copper is hunting for financiers to raise $2.5 billion to move on with building of Los Azules copper mine in Argentina, company Vice President Michael Meding stated in an interview.
McEwen Copper, part of McEwen Mining, is among numerous international companies seeking to draw out copper in the mountains of northern Argentina, an area mostly untapped for the product due to the nation's hard capital controls and volatile economy.
A reward program under President Javier Milei is now spurring activity, including from significant gamers such as miner BHP, after the nation's only copper mine closed in 2018.
Los Azules is because of get a crucial ecological permit in four to 6 weeks, Meding said. From there, the company hopes around the end of 2025 to begin planning for building and construction.
We have actually invested more than $400 million to date. And now we are trying to find $2.5 billion for capex, Meding told Reuters on Thursday.
The task, expected to produce about 175,000 metric loads of copper a year, aims to receive Milei's Reward Program for Large Investments, or RIGI, in about 3 months. The scheme uses thirty years of tax credits, lighter customs tasks and a progressive easing of capital controls.
Carmaker Stellantis and Nuton, an unit of international miner Rio Tinto, both hold minority shares of Los Azules, situated in San Juan province. Nuton increased its stake with an investment of $35 million in October.
Argentine state-owned company YPF Luz has agreed to offer the mine with 100% renewable energy, generally solar, Meding said.
European Union officials recently checked out the website, and Meding stated he went over with them the job's social and ecological standards.
We ticked much of packages that make it intriguing for a. possible European investment, Meding stated. |
