Los Azules copper project plans $300 million IPO to fund Argentine mine

Los Azules, the copper mining project located in San Juan, Argentina, is preparing an initial public offering before the end of the year. The IPO aims to raise roughly US$300 million and will be anchored by three international investment banks – two Canadian firms and one U.S. firm – with the listing expected primarily on the Toronto Stock Exchange. The company also examines ways for Argentine investors to participate, including a possible dual listing with the Buenos Aires exchange.

The offering forms part of a broader financing plan that targets about US$1.6 billion in equity, with additional capital expected from current partners, a prospective strategic investor (potentially a Japanese trading group), and project‑finance debt sourced from multilateral institutions such as the IFC, BID Invest and CAF. Recent discussions with German officials highlighted interest in Argentine copper for Germany’s critical‑minerals strategy. Existing shareholders include Stellantis and Rio Tinto’s Nuton subsidiary, which holds 17.2% of the venture.