Argentina Los Azules copper project nears investment decision
McEwen Copper is advancing engineering and financing at its major project ahead of a construction decision.
TNR Gold Corp. (TSXV: TNR; FRA: TNW; OTC: TRRXF) reports the Los Azules copper project in Argentina is nearing a final investment decision. The project, operated by McEwen Copper, a subsidiary of McEwen Mining (TSX, NYSE: MUX), is progressing with about 27% of the planned FID work program completed as of June 30. McEwen Copper aims to finalize the remaining work in the fourth quarter.
TNR holds a 0.4% net smelter returns royalty on the project. Engineering work includes processing facilities, mining fleet evaluations, power supply assessments, contractor selection, construction of an access road and site camp. A 2025 feasibility study projects annual production of 205,000 tonnes of copper cathodes during the first five years, with C1 cash costs of $1.71 per pound over a 22-year mine life.
McEwen Copper's chairman Rob McEwen stated that the Los Azules project is positioned as a large, financeable asset, targeting first production by 2030. The project is designed to produce copper cathode directly to end users, bypassing smelters. McEwen Copper has appointed Société Générale as the exclusive financial adviser for project debt financing and is exploring a potential initial public offering.
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