Canadian miner McEwen Copper plans to carry out an initial public offering of about $300 million toward the end of this year in a financing push for its Los Azules copper project in Argentina, a company executive said.
McEwen Copper is a subsidiary of McEwen Mining, the main shareholder of Los Azules, which is under development in San Juan province.
“This IPO would in principle be toward the end of the year. Most likely the listing will be in the United States or Canada for about $300 million,” Michael Meding, McEwen Copper’s managing director, said on Tuesday at the IEFA Latam Forum in Buenos Aires.
Los Azules has already completed a feasibility study that outlined a 22‑year project with the possibility of a 33-year extension. The project is forecast to have initial production of 205,000 tons of copper annually in the first five years and then an average annual production of 148,000 tons.
Argentina in September approved Los Azules for a tax break program known as the Large Investment Incentive Regime (RIGI), a pillar of President Javier Milei’s strategy to spur investment.
The IPO will cover part of the financing the company needs, with the goal of obtaining board approval for Los Azules at the end of 2026 and starting construction in early 2027, Meding said.
“I’m aiming for a $4 billion financing package,” Meding said about the project, adding that it could begin commercial production in 2029.
Argentina has not produced copper since the Alumbrera mine closed in 2018, but it has a portfolio of projects that could make it an important supplier of the highly demanded mineral.
(By Lucila Sigal; Editing by Cassandra Garrison and Mark Porter)
