McEwen Copper, a subsidiary of McEwen Mining, on Monday announced two separate transactions that provide a significant financial boost for its Los Azules project, in Argentina.

The company announced that automaker and mobility group Stellantis had invested 30-billion Argentine peso (about $150-million) to acquire shares of McEwen Copper in a two-part transaction that closed last week.

The transaction involved a private placement of 2.85-million common shares and the purchase of 1.23-million common shares directly owned by McEwen Mining in a secondary sale.

McEwen Copper said it would use the proceeds of the placement to advance the Los Azules copper project and for general corporate purposes. After closing the transaction, McEwen Mining would be separately compensated for the secondary sale by McEwen Copper in US dollars.

Giving effect to an upcoming investment by Nuton – also announced on Monday –  Stellantis owns 14.2% of McEwen Copper and McEwen Mining owns 51.9% on a fully diluted basis.

The transaction values McEwen Copper at about $550-million.

“We are delighted to have Stellantis as a partner in the future development of our Los Azules copper project. Together, we share a vision to build a mine for the future based on regenerative principles that can achieve net-zero carbon emissions by 2038. We are committed to delivering green copper to Argentina and the world, a product that will contribute to the electrification of transportation and the protection of our atmosphere,” said McEwen Copper CEO Rob McEwen.

Separately, McEwen also announced a $30-million transaction with shareholder Nuton – a venture aimed at growing Rio Tinto’s copper business.

Nuton would acquire shares of McEwen Copper in a two-part transaction expected to close by no later than March 10.  The transaction consists of 350 000 McEwen Copper common shares and the purchase of 1.25-million common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase were expected to be $6.5-million to McEwen Copper and $23.5-million to McEwen Mining.

After closing, Nuton would own 14.2% of McEwen Copper.

“We are extremely pleased to have Nuton’s strong continued participation in McEwen Copper. Together we are exploring new technologies that save energy, water, time and capital in the pursuit of delivering green copper to Argentina and the world, a product that will contribute to the electrification of transportation and the protection of our atmosphere,” commented Rob McEwen.

McEwen Copper and Nuton also entered into an amended collaboration agreement and copper cathodes and concentrates purchase rights agreement.