McEwen Copper, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX), is on track to secure a critical environmental permit for its Los Azules copper project in Argentina, with approval expected in the next four to six weeks.
McEwen Copper vice president Michael Meding told Reuters in an interview Thursday that the firm is seeking seeking $2.5 billion in funding to move forward with the construction.
The Los Azules mine, located in Argentina’s northern mountains, is projected to produce approximately 175,000 metric tons of copper annually. Despite Argentina’s challenging economic conditions and stringent capital controls, McEwen Copper has already invested over $400 million into the project.
Los Azules has attracted strategic partners like Stellantis, the automaker, and Nuton, a Rio Tinto subsidiary, which increased its stake in October with a $35 million investment.
The project is expected to qualify for Argentine President…
