McEwen raises $70m for Los Azules copper advancement
Dual-listed McEwen Mining has announced a step forward for its Los Azules copper project with a $70-million financing initiative through its subsidiary, McEwen Copper.
The financing, conducted through a nonbrokered private placement, aims to issue up to 2.34-million shares at $30 each.
McEwen Mining, along with founder Rob McEwen, has committed to purchasing 27% of the total offer. The company plans to invest $14-million for about 366 667 shares, while Rob McEwen will contribute $5-million for 166 666 shares.
Qualified accredited investors have the opportunity to subscribe for the remaining 1.7-million shares, with a minimum investment requirement of $2-million and subject to specific conditions.
Prior to the financing, McEwen Mining held 14.77-million shares (47.7%) of McEwen Copper, while Rob McEwen owned four-million shares (12.95%). Post-financing, McEwen Mining’s ownership will decrease slightly to 45.8%, with Rob McEwen’s stake at 12.5%.
Proceeds from the offering will primarily fund the advancement of a bankable feasibility study for the Los Azules project, scheduled for completion by the end of the first quarter of 2025.
Los Azules is recognized as the eighth largest undeveloped copper deposit globally. Recent assessments indicate substantial copper resources, with 10.9-billion pounds at 0.40% copper in the indicated category and an additional 26.7-billion pounds at 0.31% copper in the inferred category, based on the June 2023 preliminary economic assessment (PEA). The PEA also highlights attractive project economics, including a $2.7-billion after-tax NPV of 8% at $3.75/lb copper, low C1 production costs averaging $1.07/lb, a rapid 3.2-year payback period, and a projected 27-year mine life.
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