Located in San Juan, Argentina, Los Azules is regarded as one of the world’s largest undeveloped open-pit copper porphyry deposits.
In late August, McEwen’s copper-focused subsidiary completed an $81.85 million financing that included a $25 million investment by Rio Tinto to fund the project’s development. Publication of an updated preliminary economic assessment on Los Azules is planned for Q1 2023.
By quarter-end, McEwen had cash and cash equivalents totalling $54.9 million.
Revised guidance
On the operational front, McEwen had lower gold and silver production than last year, with third quarter production of 26,200 gold ounces and 852,200 silver ounces, or 35,700 gold-equivalent ounces (GEOs), compared to 42,900 GEOs during Q3 2021.
Year-to-date production was 74,650 gold ounces and 1,894,100 silver ounces (or 97,000 GEOs), compared to 114,200 GEOs during the nine months to Sept. 30, 2021.
As a result, McEwen…
