en.Wedoany.com Reported - McEwen Copper has signed an agreement with international financial institutions to arrange a $2.4 billion debt financing package for the Los Azules copper mine project in Argentina. The information was confirmed by Michael Meding, and this financing is part of the total investment of approximately $4 billion for the project located in San Juan Province, at an altitude of over 3,500 meters.
Meding stated: "I have signed an agreement with an entity that will co-manage the entire debt financing package with an international export development agency." The company seeks to structure the financing with a 40% equity and 60% debt ratio, with nearly $1.6 billion to be covered through equity contributions. McEwen Copper is in talks with Rio Tinto, its parent company McEwen Mining, and several industrial groups from North America, Europe, and Asia to complete the equity portion of the financing.
Rio Tinto holds a 17.2% stake in the Los Azules project through its technology subsidiary Nuton LLC, which has already invested $100 million in the project. According to the feasibility study published by the company, the leaching technology developed by Nuton could extend the mine life by approximately 33 years. The Los Azules project is listed as one of the top ten undeveloped copper projects globally and aims to become Argentina's first mine to produce copper cathode.
The company expects to commence operations between 2029 and 2030, with an average annual cathode copper production of nearly 204,800 tonnes in the first five years. Additionally, McEwen Copper is advancing preparations for an initial public offering of approximately $300 million, tentatively scheduled for the end of this year. Meding said: "October, November, or December would be a suitable window, especially considering the current copper price and its outlook."
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