McEwen Copper eyes IPO to fund Los Azules project, Bloomberg reports
McEwen Copper Inc is planning an initial public offering in New York or Toronto to finance construction of its Los Azules copper project in Argentina’s San Juan province, according to Bloomberg.
Rob McEwen’s copper venture is preparing to tap public markets to fund one of Argentina’s most closely watched mining projects, as investor optimism builds under President Javier Milei’s market-friendly agenda.
The company is also considering a listing in Buenos Aires—a symbolic nod to growing investor confidence in a country once shunned for its capital controls and economic instability.
The IPO was initially targeted for mid-2025, but that timeline is now uncertain due to slower-than-expected approval of the government’s RIGI program, which offers tax and currency incentives to major investment projects. McEwen told Bloomberg the offering could still happen by year-end if RIGI benefits are secured in time for inclusion in a feasibility study expected by early July.
Los Azules has drawn interest from global mining giants including Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) and Stellantis NV (NYSE:STLA, EPA:STLA), both of which have made strategic investments. Construction could begin by late 2025, with production starting by decade’s end—timed to meet a forecast global copper shortfall.
'Major milestone'
Kirill Klip, CEO of TNR Gold Corp (TSX-V:TNR, OTC:TRRXF), which holds a royalty interest in Los Azules, called the RIGI designation a “major milestone,” noting it could pave the way for a construction decision later this year.
TNR Gold holds a 0.4% net smelter returns royalty on the project and sees the latest developments as a positive step toward unlocking long-term value.
The TSX Venture-listed company has no funding obligations for the project and is focused on transforming into a cash-flow generating royalty company.
“The new president of Argentina has introduced important government policies aimed at supporting business and unlocking the country’s economic potential,” Klip added.
“Mining in Argentina is being recognized by the government as an integral part of this economic development plan, providing jobs and enriching local communities. The strong team performance of McEwen Copper is advancing the Los Azules project towards a feasibility study.”
Powered by Tesla Energy rEVolution: TNR Gold Los Azules Copper NSR Royalty Holding with McEwen Mining Presentation
“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
Kirill Klip, Executive Chairman TNR Gold Corp.
Alastair Ford: TNR Gold’s Recent Rejection of a Takeover Bid From Lithium Royalty Has Shone a Spotlight on the Value of Its Royalty and Exploration Portfolio
Angela Harmantes from Proactive is writing about the new report on TNR Gold from Fundamental Research Corp:
"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."
"TNR Gold is on the brink of generating significant royalty revenue from its stake in Ganfeng Lithium's Mariana lithium project in Argentina as it heads toward commercial production, Fundamental Research analysts believe.The analysts have raised their share price target for TNR from $0.24 to $0.28 per share, highlighting the imminent cash flow potential from this strategic investment."
(Angela Harmantes)
"TNR Gold is also positioned to benefit from its royalty interests in McEwen Copper's Los Azules project, a large copper-gold deposit in Argentina. The project recently secured an environmental permit for construction and completed a $56 million equity financing. Infill and expansion drilling have extended the mineralization at depth, with an updated resource estimate and feasibility study expected in the coming months.
Analysts estimate annual royalty revenue of $6.5 million from Los Azules, based on conservative copper price assumptions." (Angela Harmantes)
Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.
"Exploration over our property has produced an intriguing target, late in the season. Initial results of a concession-wide regional mapping and sampling campaign have identified strong evidence of a large porphyry system 3 kilometers east of the Los Azules deposit. Porphyry-style veining and quartz vein stockworks with copper oxide mineralization have been recognized within this new target, with assay results pending."
"I like to look at some deposits converted into a Gold equivalent. This deposit is equivalent to 60 million ounces of Gold deposit. Cash costs are on the equivalent basis of just over $600/oz, and the overall cost is just over $1000/oz. It will be producing over 600,000 ounces of Gold per year. In my book, this is one of a hell Gold deposit! That's almost what the Timmins district, the most prolific Gold district in Canada has produced over the last 100 years." (Rob McEwen)
"Next Steps: Towards Feasibility and Construction
With the approval of the EIA, the upcoming feasibility study scheduled for the first half of 2025, and the approval of the application for admission to the RIGI, Los Azules has the potential to begin construction in early 2026, which will strengthen even further McEwen Copper’s position at the forefront of sustainable mining and as a major driver of economic and social development in San Juan." (McEwen Copper)
"Today, we have the opportunity to listen to Rob McEwen's presentation about the world's first regenerative green Copper mine in Argentina. This giant Copper, Gold, and Silver project is attracting increasing attention in the industry and among investors. TNR Gold is holding NSR Royalty on the entire Los Azules Copper Project, and our shareholders will benefit from the progress towards a feasibility study and the permit to build this mine."
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