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Los Azules copper project moves toward investment decision in Argentina
Operator McEwen Copper had completed about 27% of its planned final investment decision work program as of June 30 and aims to finish the remainder in the fourth quarter.
TNR Gold Corp. says the Los Azules copper project in Argentina is moving closer to a final investment decision as operator McEwen Copper advances engineering and financing.
McEwen Copper, a subsidiary of McEwen Mining, completed about 27% of its planned FID work program as of June 30 and plans to finish the remainder in the fourth quarter. The work includes engineering for processing facilities, mining fleet evaluations, power supply assessments and contractor selection, plus construction of an access road and site camp.
TNR holds a 0.4% net smelter returns royalty on the project. The company added that a collaboration between McEwen Copper and the International Finance Corporation, along with admission to Argentina’s Regime of Incentives for Investment, could help bring the project closer to a construction decision.
A 2025 feasibility study cited average production of 205,000 tonnes of copper cathodes annually in the first five years, with C1 cash costs of $1.71 per pound over an initial 22-year mine life. McEwen Copper has appointed Société Générale as exclusive financial adviser for project debt financing, has begun preparations for a potential initial public offering, and is reviewing an enhanced financing proposal from a European export credit agency, with construction targeted for early 2027 and first production for 2030, subject to financing and approvals.
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