Argentina’s pro-business shift under President Javier Milei makes it easier to move McEwen’s (NYSE, TSX: MUX) $3.1-billion (C$4.3 billion) Los Azules copper project towards construction, founder Rob McEwen says, provided the company can secure more funding.
Parent company McEwen owns 46% of McEwen Copper, which has raised $453 million in private financings and last year priced a round that implied a $984-million valuation. McEwen, the builder of Goldcorp into a major producer before Newmont (TSX: NGT; NYSE: NEM) bought it in 2019 said his new project still needs about $200 million to finish engineering, advance exploration and make deposits on long-lead equipment.
“He’s all out running, promoting mining,” McEwen said of Milei at last month’s Northern Miner International Metals Symposium in London. The policy reset is improving investor confidence in a country long viewed as difficult for large mine builds, he said.
McEwen Copper is looking beyond its current backers as it knocks on doors globally for additional partners. The plan calls for production of about 215,000 tonnes a year of LME Grade A cathodes, with construction targeted to start this year and first copper in 2030.
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