McEwen Mining said on Thursday that its McEwen Copper unit has secured an additional $35 million investment from Nuton, a leaching technology venture created by Rio Tinto, to support the feasibility study for its Los Azules copper project in San Juan, Argentina.of up to $70 million through the issuance of approximately 2.33 million shares at $30 per share.
Together with the first tranche, McEwen Copper has now raised a total of $56 million for the Los Azules project.Los Azules is an open-pit copper deposit located 80 km northwest of the town of Calingasta and 6 km east of the border with Chile at an elevation of 3,500 metres in the Andes Mountains. The extent of mineralization along strike exceeds 4 km and the distance across strike is approximately 2.2 km.
McEwen Copper is currently working a bankable feasibility study for the project, which is scheduled for publication in the first half of 2025.The copper subsidiary was created by McEwen Mining in mid-2021 with a view of maximizing the value of its copper assets. A year later, it received its first investment from Nuton, while also establishing a partnership with the Rio venture to assess the potential application of its heap leach technology at Los Azules.