en.Wedoany.com Reported - McEwen Copper is advancing financing, detailed engineering, and contractor selection for the Los Azules copper project in Argentina, with plans to present the project to the board for a final investment decision by the end of 2026. The feasibility study estimates initial capital expenditure at $3.17 billion, with funding and preparatory work still required.

The company has designed an overall financing package of approximately $4 billion for the project, which includes working capital, interest, and standby financing arrangements in addition to construction capital. McEwen Copper has engaged Société Générale as the exclusive financial advisor for the project's debt financing, intending to structure senior debt through export credit agencies, commercial banks, multilateral financial institutions, and capital market instruments. Previously disclosed financing structure includes approximately $2.4 billion in debt and $1.6 billion in equity funding, and the company also plans to raise approximately $300 million through an initial public offering by the end of 2026.

The Los Azules copper project employs open-pit mining, heap leaching, and solvent extraction-electrowinning processes, producing London Metal Exchange Grade A copper cathodes. The project has delineated approximately 1.023 billion tonnes of proven and probable ore reserves with an average copper grade of 0.453%. The feasibility study projects a mine life of approximately 21 years, with average annual production of 204,800 tonnes of copper cathodes over the first five years and an average annual output of approximately 148,200 tonnes over the full mine life.

The project has obtained environmental permits for construction and operation and was enrolled in Argentina's Large Investment Incentive Scheme in September 2025, with the approved investment amount corresponding to $2.672 billion. Since 2026, the project team has completed the construction of the pioneer camp, initiated the pioneer road works, and advanced the prequalification of engineering, procurement, and construction management contractors for core process facilities. Under current arrangements, full construction is slated to begin in 2027, with the first copper cathodes planned for production in 2030.