“We may be on the cusp of a commodity supercycle,” he told The Northern Miner’s International Metals Symposium in London on Dec. 1.
Los Azules is one of the world’s largest undeveloped copper deposits. McEwen’s copper subsidiary owns it, and Rio Tinto (ASX, LSE, NYSE: RIO) and automaker Stellantis have invested around C$300 million.
It has 1.2 billion indicated tonnes grading 0.4% total copper for 10.9 billion lb. of contained metal and 4.5 billion inferred tonnes grading 0.31% total copper, for 26.7 billion lb. of metal. Analysts think it retains significant upside potential from over 100,000 metres of recent drilling.
A 2023 economic assessment shows it can produce 180,000 tonnes of copper each year over a 27-year mine life. . It has a three-year payback on $2.5 billion in capital costs. It has also benefited from Argentina’s pro-mining reforms.
McEwen envisions Los Azules as the world’s…
