McEwen Copper's Los Azules Project Gains Argentina's Large Investment Incentive Regime Approval

McEwen Inc. has announced that its Los Azules copper project in San Juan Province has been approved to participate in Argentina's Large Investment Incentive Regime, as confirmed by Minister of Economy Luis Caputo. The designation consolidates a $2.672 billion investment plan covering exploration, construction, and operations, marking a historic step for the project, which is set to become Argentina's first producer of high-purity copper cathodes.

The RIGI approval affirms both the technical and financial strength of Los Azules and its sustainability model, which emphasizes renewable energy, minimal water use, and long-term contributions to local development. Los Azules is projected to generate over $30 billion in export revenues, create significant employment, and boost provincial and national tax inflows. Michael Meding, Vice President of McEwen Copper and General Manager of the Los Azules Project, stated that this approval reinforces McEwen Copper's long-term commitment to Argentina and the Province of San Juan.

McEwen Inc. holds 46.4% of McEwen Copper, developer of the advanced-stage Los Azules copper project. Los Azules aims to be Argentina's first regenerative copper mine, targeting carbon neutrality by 2038. A June 2023 Preliminary Economic Assessment estimates a $2.7 billion after-tax NPV at $3.75 per pound copper, a 27-year mine life, and copper resources of 10.9 billion pounds at 0.40% copper indicated plus 26.7 billion pounds at 0.31% copper inferred. For detailed PEA information, investors can review McEwen's press release.

The approval under Argentina's Large Investment Incentive Regime represents a significant milestone for both the company and the country's mining sector. This development positions Argentina to become a meaningful player in the global copper market at a time when copper demand is expected to surge due to the global transition to renewable energy and electric vehicles. Copper is essential for electrical infrastructure, renewable energy systems, and electric vehicle manufacturing, making projects like Los Azules strategically important for meeting future global demand.

The project's emphasis on sustainability and carbon neutrality aligns with growing environmental standards in the mining industry and investor expectations for responsible resource development. The commitment to renewable energy and minimal water use addresses key environmental concerns associated with mining operations, potentially setting a new standard for mining projects in South America. The substantial export revenue projection of over $30 billion could significantly impact Argentina's balance of trade and strengthen the country's position in global commodity markets.

For ongoing updates and company news, investors can monitor McEwen's newsroom. The company's shares trade on both the New York Stock Exchange and Toronto Stock Exchange under the symbol MUX. The Los Azules project represents one of the most significant copper development projects in South America, with the potential to transform Argentina's mining sector while contributing to global copper supply during a period of increasing demand for the essential metal.