21 years in the plan, with room for decades more
The feasibility study base case is a 21-year mine life on proven and probable reserves. The deposit offers more. Rio Tinto's Nuton leaching technology could allow the primary sulphides to be processed with the same infrastructure, and a conventional concentrator would lift copper recoveries and also recover gold and silver. McEwen Copper has said either route could extend mine life by 30 years or more, which could make Los Azules a mine for more than one generation.[1]
The growth case is outside the feasibility study and draws partly on inferred resources, which are too speculative geologically to have economic considerations applied to them. A concentrator would add tailings storage and water use, and either route needs further studies, permits and financing. Technical information and qualified persons ↓
Project facts
| Location | Department of Calingasta, San Juan, Argentina; about 3,500 m above sea level, roughly 80 km west-northwest of the town of Calingasta and 6 km east of the Chilean border[6] |
|---|---|
| Owner | McEwen Copper Inc., through Andes Corporación Minera S.A.[7] |
| Leadership | Michael Meding, Managing Director of McEwen Copper; has led Los Azules since February 2022[2, 8] |
| Deposit | Andean porphyry copper deposit with a supergene enriched zone[1] |
| Process | Open pit, heap leach and SX-EW; 99.99% LME Grade A copper cathode to be made at site[1] |
| Output | 204,800 t a year in years 1 to 5; 148,200 t a year over a 21-year life[1] |
| Costs | C1 US$1.71/lb; AISC US$2.11/lb[1] |
| Water | 74% less than conventional milling; 158 L/s life-of-mine average[1] |
| Carbon | 1,082 kg CO2-e per tonne of copper (Scopes 1 and 2) against an estimated industry average of 4,026 (Skarn Associates); carbon-neutral goal by 2038[1] |
| Power | Planned 100% renewable, through a high-voltage line that YPF Luz will build at its own expense[1, 3] |
| Tailings | No tailings dam[1] |
| Environmental permit | Granted December 2024 for construction and operation[9, 10] |
| RIGI | Resolución 1553/2025: US$2,672 million plan; first copper project approved; 61.1% of spending on suppliers, goods and works committed to local suppliers[4, 11] |
| Rank | 10th largest undeveloped copper porphyry in the world by total mineral resources; on S&P Global 2024 data, its output would rank 26th of 423 producing copper mines[1] |
| Upside | Processing the primary sulphides with Nuton leaching or a conventional concentrator could extend mine life by 30 years or more. This growth case sits outside the feasibility study and draws partly on inferred resources[1] |
| Next | Final investment decision and full project financing expected in mid-2027; commercial cathode production targeted for 2030[5] |
Mineral reserves and resources
Estimates from the October 2025 feasibility study, effective 3 September 2025.[1, 12]
Copper in reserves and resources
- Proven and probable reserves10.2 B lb
Resources, exclusive of reserves
- Measured and indicated resources5.4 B lb
- Inferred resources20.0 B lb
Each category stands on its own and the figures are not added together. Resources that are not reserves have not demonstrated economic viability.
Mineral reserves (proven and probable)
| Category | Tonnes (Mt) | Copper grade (% Cu) | Contained copper (M lb) |
|---|---|---|---|
| Proven | 229.9 | 0.683 | 3,463 |
| Probable | 793.2 | 0.386 | 6,754 |
| Total proven and probable | 1,023.1 | 0.453 | 10,217 |
Copper price used for reserves: US$4.25/lb. Variable cut-off of US$4.79 to US$7.23 per tonne NSR. Reserves are reported on a 100% basis.
Mineral resources, exclusive of reserves
| Category | Tonnes (Mt) | Copper grade (% Cu) | Contained copper (B lb) |
|---|---|---|---|
| Measured and indicated | 965.5 | 0.255 | 5.4 |
| Inferred | 4,239.3 | 0.214 | 20.0 |
Copper price used for resources: US$4.80/lb (gold US$2,500/oz, silver US$32/oz). Resources are reported exclusive of mineral reserves and are not added to them. Most of these resources, including all inferred resources, are reported for processing by milling or advanced leaching such as Nuton, which the feasibility study base case does not include.
Feasibility study economics
| Initial capital | US$3,168 million |
|---|---|
| After-tax NPV (8%) | US$2,940 million |
| After-tax IRR | 19.8% |
| Payback | 3.9 years |
| Mine life | 21 years |
| Copper price, base case | US$4.35/lb |
| Sustaining capital, life of mine | US$2,131 million |
Base case of the feasibility study announced on 7 October 2025.[1]
Financing
US$240 million term loan, August 2026
On 27 August 2026 McEwen Copper closed a US$240 million senior secured term loan to fund engineering and early works at Los Azules and for general corporate purposes.[5, 13]
| Amount | US$240 million, senior secured |
|---|---|
| Term | 4 years |
| Interest | 12.0% a year, paid monthly |
| Warrants | 15,000 five-year McEwen Copper common share purchase warrants per US$1 million of principal, exercise price US$40 per share |
| Use of proceeds | Engineering and early works at Los Azules; general corporate purposes |
| Lender | Amount |
|---|---|
| Sprott Natural Resource Investment Partners | US$112 million |
| Rob McEwen | US$85 million |
| Other lenders | US$43 million |
This financing reflects our lenders' confidence in Los Azules and in the progress Argentina has made over the past two and a half years. The initiatives of President Javier Milei have helped make Argentina an increasingly attractive destination for large-scale foreign investment. Economic stabilization, stronger credit ratings, lower country risk and the RIGI are bringing long-term capital back to the country. San Juan continues to demonstrate the qualities of a dependable mining jurisdiction, supported by strong institutions, rigorous processes and sound governance. We are proud to be building Los Azules here.Financing record
| 2021 | McEwen Copper created to advance Los Azules, with a US$80 million Series B private placement[14] |
|---|---|
| Since 2021 | US$453 million raised in private placements in total, including the 2021 Series B, with Stellantis and Rio Tinto's Nuton as strategic investors[6] |
| Sep 2025 | IFC collaboration agreement to align Los Azules with IFC environmental, social and governance standards for potential future debt and equity financing[15] |
| Sep–Oct 2025 | Admitted to the RIGI with a US$2,672 million investment plan[11] |
| May 2026 | Société Générale appointed sole financial advisor for project debt financing[16] |
| Aug 2026 | US$240 million senior secured term loan closed[5] |
| Plan | On the second-quarter 2026 earnings call, Michael Meding said McEwen Copper is working toward an overall financing package of about US$4 billion, covering capital cost, working capital, interest and an overrun facility.[17] |
McEwen Copper
| Company | McEwen Copper Inc., registered in Alberta, created by McEwen Mining in July 2021 to advance Los Azules[7, 14] |
|---|---|
| Head office | 150 King Street West, Toronto[18] |
| Assets | Los Azules (through Andes Corporación Minera S.A.) and the Elder Creek property in Nevada[7] |
| Managing Director | Michael Meding[2] |
Shareholders
- McEwen Inc. 46.3%
- Stellantis 18.2%
- Nuton / Rio Tinto 17.2%
- Rob McEwen 13.0%
- Victor Smorgon Group 3.0%
- Others 2.3%
Source: McEwen Inc.[6]
Argentina and copper
- Argentina has not produced copper at scale since Bajo de la Alumbrera closed in 2018.[19]
- A national Mining Secretariat report projects that output could exceed 1.5 million tonnes a year by 2035.[20]
- RIGI (Law 27,742) offers a 30-year stability guarantee on its incentives for investments above US$200 million.[21]
- S&P Global projects copper demand of 42 million tonnes by 2040, a 50% increase from current levels.[22]
- The IEA expects copper to record the largest volume growth in demand, adding about 7 million tonnes to 2040.[23]
Technical information and qualified persons
This is Michael Meding's personal website. The Los Azules information here summarises what McEwen Inc. and McEwen Copper have published and is not issued by either company. Official disclosure is at mcewenmining.com, on SEDAR+ and on EDGAR.
The scientific and technical information on this page is taken from the Los Azules feasibility study announced by McEwen Inc. on 7 October 2025 (effective date 3 September 2025) and from the S-K 1300 Technical Report Summary filed with the U.S. Securities and Exchange Commission as an exhibit to McEwen Inc.'s 2025 annual report (report date 31 December 2025). The qualified persons named below reviewed and verified the October 2025 announcement under NI 43-101. This page adds no scientific or technical information to those documents.[1, 12]
The feasibility study and associated disclosures in McEwen Inc.'s announcement of 7 October 2025 were reviewed and verified under NI 43-101 by these qualified persons: James L. Sorensen, FAusIMM, Samuel Engineering (project execution, development and other information, excluding mineral resource disclosure); W. David Tyler, SME Registered Member, McEwen Copper Project Director, who is not independent of the issuer (McEwen information and other information, excluding mineral resource disclosure); Michael McGlynn, SME Registered Member, Samuel Engineering (metallurgy and process); Jeff Sullivan, FAusIMM, CRM-SA, LLC (mineral resource estimate); Gordon Zurowski, P.Eng., AGP Mining Consultants (mining and mineral reserve estimate); and Steve Pozder, P.E., Samuel Engineering (financial modelling).[1]
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant factors. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as mineral reserves; they have had insufficient exploration to be classified as indicated or measured resources, and it is uncertain whether further exploration will upgrade them.[1]
Statements on this page about future events are forward-looking. They include the final investment decision and full project financing expected in mid-2027, commercial cathode production targeted for 2030, the 2038 carbon-neutral goal, potential mine life extensions and the financing plan. They reflect McEwen Copper's current expectations, are not guarantees, and depend on financing, engineering, permits, metal prices, conditions in Argentina and the other risks described in McEwen Inc.'s filings with the SEC and on SEDAR+. Actual results may differ materially. Key assumptions, parameters and estimation methods are set out in the feasibility study announcement and the technical report.
Questions and answers
What is Los Azules?
A copper porphyry project in the Andes of Calingasta, San Juan, owned by McEwen Copper. Its October 2025 feasibility study plans an open pit, heap leach and SX-EW operation producing 99.99% copper cathode at site, averaging 204,800 tonnes a year in its first five years.[1]
Where exactly is Los Azules?
In the department of Calingasta, San Juan province, at about 3,500 metres, roughly 80 km west-northwest of Calingasta and 6 km east of the Chilean border.[6]
Who leads Los Azules?
Michael Meding, Managing Director of McEwen Copper, has led the project since February 2022.[2, 8]
Who owns McEwen Copper?
McEwen Inc. 46.3%, Stellantis 18.2%, Nuton (a Rio Tinto venture) 17.2%, Rob McEwen 13.0%, Victor Smorgon Group 3.0% and other shareholders 2.3%.[6]
When will Los Azules produce copper?
McEwen Copper expects a final investment decision and full project financing in mid-2027, and is targeting first commercial copper cathode in 2030.[5]
Why is the Los Azules design different?
The design would make finished copper cathode at the mine instead of concentrate, with no tailings dam, 100% renewable power, 74% less water than conventional milling and a carbon intensity of 1,082 kg CO2-e per tonne against an estimated industry average of 4,026.[1, 3]
Is Los Azules approved under Argentina's RIGI?
Yes. Resolución 1553/2025, published on 14 October 2025, admitted Los Azules with an investment plan of US$2,672 million. It was the first copper project approved under the regime.[4, 11]
How large is Los Azules?
The feasibility study reports proven and probable reserves of 1,023 million tonnes at 0.453% Cu, containing 10.2 billion pounds of copper (effective 3 September 2025). Exclusive of those reserves, measured and indicated resources contain 5.4 billion pounds and inferred resources 20.0 billion pounds; each category is reported on its own.[1]
How long could Los Azules operate?
The feasibility study base case is a 21-year mine life on proven and probable reserves. Beyond the study, McEwen Copper has identified two ways to process the primary sulphides, Rio Tinto's Nuton technology or a conventional concentrator, and says either could extend mine life by 30 years or more.[1]
What is the US$240 million term loan?
A four-year senior secured loan at 12.0% a year that McEwen Copper closed on 27 August 2026, with Sprott Natural Resource Investment Partners (US$112 million), Rob McEwen (US$85 million) and other lenders (US$43 million). It funds engineering and early works toward the final investment decision.[5]
How is the project being financed?
McEwen Copper has raised US$453 million in private placements since 2021, including from Stellantis and Nuton, and closed a US$240 million term loan in August 2026. Société Générale is sole financial advisor for project debt, the IFC has signed a collaboration agreement, and the company is working toward an overall financing package of about US$4 billion.[5, 6, 15–17]
References
- 1McEwen Inc.. Los Azules Feasibility Study Confirms Economically Robust Copper Project With Leading ESG Performance. 2025-10-07. www.mcewenmining.com
- 2McEwen Inc.. Management team: Michael Meding, Managing Director, McEwen Copper. 2026. www.mcewenmining.com
- 3YPF Luz. YPF Luz y Los Azules firman acuerdo exclusivo de energía renovable. 2024-08-26. www.ypfluz.com
- 4LA NACION. El Gobierno aprobó un nuevo proyecto RIGI: una minera invertirá US$2700 millones en San Juan. 2025-09-26. www.lanacion.com.ar
- 5McEwen Inc.. McEwen Copper Completes US$240 Million Term Loan to Advance Los Azules Toward Final Investment Decision. 2026-08-27. www.mcewenmining.com
- 6McEwen Inc.. Los Azules project page. 2026. www.mcewenmining.com
- 7McEwen Inc. (SEC 10-K/A). McEwen Copper Inc. consolidated financial statements 2025. 2026-05-20. www.sec.gov
- 8GlobeNewswire. McEwen Copper Announces Management Addition. 2022-02-17. www.globenewswire.com
- 9McEwen Inc. (SEC 8-K). Los Azules receives environmental approval for construction and operation. 2024-12-03. www.sec.gov
- 10Minería & Desarrollo. El proyecto de cobre Los Azules en San Juan obtuvo luz verde para su explotación. 2024-12-03. www.mineriaydesarrollo.com
- 11Boletín Oficial de la República Argentina. Resolución 1553/2025, Ministerio de Economía: Proyecto Los Azules admitted to RIGI. 2025-10-14. www.boletinoficial.gob.ar
- 12McEwen Inc. (SEC, Exhibit 96). S-K 1300 Technical Report Summary, Feasibility Study: Los Azules Copper Mining Project, Argentina. Effective date 3 September 2025; report date 31 December 2025. 2025-12-31. www.sec.gov
- 13McEwen Inc. (SEC 8-K). McEwen Copper completes US$240 million term loan. 2026-08-27. www.sec.gov
- 14GlobeNewswire. MUX Creates McEwen Copper Which Announces $80 Million Series B Private Placement to Advance the Los Azules Copper Project. 2021-07-06. www.globenewswire.com
- 15IFC, World Bank Group. IFC supports McEwen Copper on sustainable financing for Los Azules. 2025-09-24. www.ifc.org
- 16McEwen Inc.. McEwen Copper appoints Société Générale as financial advisor for project debt financing of Los Azules. 2026-05-14. www.mcewenmining.com
- 17The Motley Fool (transcript). McEwen (MUX) Q2 2026 earnings call transcript. 2026-08-13. www.fool.com
- 18McEwen Inc. (SEC 10-K/A). McEwen Copper Inc. financial statements 2024 (head office). 2025-05-02. www.sec.gov
- 19Reuters via MINING.COM. Vicuña could double investment in Argentina copper project to $800m in 2026. 2026-02-09. www.mining.com
- 20Panorama Minero. Cobre: cartera de proyectos en Argentina podría superar 1,5 millones de toneladas de producción hacia 2035. 2026. www.panorama-minero.com
- 21Gobierno de la Argentina. RIGI: qué es. 2026. www.argentina.gob.ar
- 22S&P Global. Copper in the Age of AI: substantial shortfall in copper supply widens. 2026-01-08. press.spglobal.com
- 23International Energy Agency. Global Critical Minerals Outlook 2026, outlook. 2026-07-16. www.iea.org
- 24EconoJournal. Michael Meding, nuevo presidente de Gemera. 2024-10-07. econojournal.com.ar
- 25LinkedIn, Los Azules. Los Azules en Expo San Juan Minera 2026. 2026-05-07. www.linkedin.com
- 26Reuters via GBM. Cobre y cerveza: ejecutivo minero alemán abre fábrica en Argentina. 2026-05-12. gbm.com
- 27Minería & Desarrollo. Eligieron a Michael Meding de Los Azules como el Empresario Minero del Año. 2024-12-05. www.mineriaydesarrollo.com
- 28Diario de Cuyo. El vicepresidente de McEwen Copper, Michael Meding, fue elegido como 'Empresario Minero del Año 2025'. 2025-12-04. www.diariodecuyo.com.ar