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Los Azules copper project nears final investment decision
Operator McEwen Copper said about 27% of the planned FID work program was completed by June 30, with remaining work targeted for the fourth quarter.
TNR Gold Corp said the Los Azules copper project in Argentina is advancing toward a final investment decision, with operator McEwen Copper reporting roughly 27% of the planned FID work program completed as of June 30.
McEwen Copper outlined work including vendor engineering for the SX/EW plant, sulfuric acid plant and crushing systems, evaluations covering the mining fleet and power supply, and selection of an EPCM contractor. The operator also completed planned field work covering geotechnical, condemnation and hydrogeological drilling, along with construction of the access road and site camp.
TNR holds a 0.4% net smelter returns royalty on the project, which is held by McEwen Copper and is itself 46.3% owned by McEwen Mining. The 2025 feasibility study cited initial five-year average production of 205,000 tonnes of copper cathodes per year and a $1.71 per pound C1 cash cost over a 22-year mine life, with potential for an additional 33-year extension under a preliminary Nuton case.
The feasibility study projected the 0.4% NSR to generate about $389.5 million of undiscounted pre-tax cash flow over the initial 22 years under a $4.35 per pound copper base case, with $633.5 million potentially available under the Nuton extension case. McEwen appointed Société Générale as exclusive financial adviser for debt financing, initiated preparations for a potential initial public offering, and targeted construction to start in early 2027 with production slated for 2030, subject to financing and approvals, according to Yahoo Finance.
Latest closeGold $4,292.00 ▲1.1%|Copper $6.711 ▲0.1%