Formation and Investments
On July 6, 2021 McEwen announced the creation of the subsidiary McEwen Copper Inc., which holds 100% interests in the Los Azules project in Argentina and in the Elder Creek exploration property in Nevada. Both assets are subject to a 1.25% net smelter return (NSR) royalty payable to McEwen.
McEwen Copper launched with 17.5 million shares, seeing substantial financial growth through private placements and significant investments from entities such as Rob McEwen, Nuton, a venture of Rio Tinto, 2nd global mining company, and Stellantis, 4th global automaker. Four financing rounds completed at $10, $18, $26 and $30 per share raised $453 million, with the last one giving McEwen Copper an implied market value of $984 million.
Strategic Partnerships
McEwen Copper entered a collaboration agreement with Nuton to evaluate the potential application of heap leaching at Los Azules, involving the testing of Nuton® Technology for compatibility with Los Azules copper mineralization. This technology has the potential to extend the life of the project by more than 30 years and will continue to be evaluated. Heap leaching offers numerous promising economic and environmental benefits over the conventional milling methods. These include reduced water and energy consumption, elimination of large tailings storage facilities or dams and their associated environmental risks, and typically lower capital and operational costs.
Stellantis and McEwen Copper have entered a Copper Cathodes and Concentrates Purchase Rights Agreement (CCCPRA), under which Stellantis and its affiliates have the option to purchase a portion of the copper cathodes or concentrates produced from Los Azules, proportionate to their equity ownership percentage in McEwen Copper. The two companies are also committed to achieving carbon neutrality (Scopes 1 & 2) by 2038.
In 2024, McEwen Copper has secured an agreement with YPF Luz to power Los Azules with 100% renewable energy (wind, hydro, and solar). This exclusive agreement covers the supply of renewable energy through a high-voltage transmission line, with YPF Luz responsible for its development and financing.
In 2025, McEwen Copper signed a collaboration agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to align the Los Azules Project with IFC’s Environmental, Social, and Governance (ESG) standards in preparation for potential future debt and equity financing.
The integration of the IFC Performance Standards for Environmental and Social Sustainability into project development is designed to ensure responsible mining practices and reduce project risk by aligning Los Azules with international financing criteria — paving the way for IFC to potentially act as lead lender and equity partner in McEwen Copper’s development plans.
Infrastructure Advancements
In 2022 we have resolved the critical issue of road access to Los Azules by the development of a lower altitude access road that provides us with the opportunity for year-round work at the site. The diagram below illustrates the elevation difference between our exploration road (shown in blue) that allows a 5 to 6-month access to site and our new access road (shown in orange) that, in combination, provide year-round access at Los Azules. This represents an important development for the project, making it safer, less expensive and faster to advance and complete our fieldwork.
Our Los Azules offices in Argentina are a visible token of our commitment to sustainability. Completely powered by renewable energy, with an estimated annual production of 50 megawatt hours and consumption of 45.8 megawatt hours, we expect an annual injection to the grid of about 4.2 megawatt hours.
Exploration Targets
Exploration has shown that there are four porphyry targets near the Los Azules deposit that could provide further extension to the mine life. Porphyry exploration targets near to Los Azules include Tango, Porfido Norte, Franca, and Mercedes. They are a priority for next season’s exploration. These targets offer the potential to enlarge the size of resources and extend the life-of-mine beyond that presented in the Feasibility Study.
The Franca target, with high-grade intercepts, shows the potential to extend the Los Azules resource to the northeast. The Mercedes target west of Los Azules has hydrothermal alteration and similar surface geology to Los Azules and has the indication to be another hidden porphyry, like Los Azules. Porfido Norte is a target that is located along the main Los Azules structural corridor with indications of a suitable intrusive suite of rocks with hydrothermal alteration. Finally, the Tango target will be mapped in detail to better understand the potential drill targets.
Recent and Upcoming Milestones
McEwen Copper has built an experienced management team that secured the Environmental Impact Assessment for Construction and Exploitation to the San Juan regulator, the successful completion in 2025 of the Feasibility Study (FS) for Los Azules.
Furthermore, in September 2025, Los Azules was admitted to Argentina's Large Investment Incentive Regime (“RIGI”). The investment regime provides the project with legal, fiscal, and customs stability for 30 years, including:
- Legal certainty, including tax, customs and foreign exchange stability for 30 years, with improved mechanisms in comparison with a prior regime applicable to mining activities, and access to international arbitration should a dispute arise.
- Tax incentives in the investment phase such as release from VAT payments which significantly reduces the financial burden during construction- and in the operation phase, such as the reduction of the corporate income tax rate to 25% from the general 35%, a 50% reduction in the dividend withholding tax, no export tax, an accelerated depreciation for new capital investments, and exemption from export duties.
- Streamlined customs procedures, including duty and tax exemptions to import of capital goods and the ability to leave export proceeds in foreign bank accounts, available to be applied to debt repayment or any other goal.
The Water Concession permit applications are currently under review with the provincial government. The use of heap leach technology, which is well accepted in San Juan Province, reduces permitting complexity by eliminating tailings and conserving water.
For further information on McEwen Copper, the latest company presentation can be accessed
here.