McEwen Copper secures US$240 million loan for Los Azules project

McEwen Copper has secured a US$240 million senior secured four-year term loan to advance the development of the Los Azules copper project in San Juan, Argentina. The financing was provided by a syndicate of lenders, including a US$112 million contribution from Sprott Natural Resource Investment Partners and US$85 million from McEwen Copper Chairman Rob McEwen. The remaining US$43 million was provided by other institutional investors.

The funds are earmarked for early works, detailed engineering, and general corporate purposes. The company aims to reach a Final Investment Decision (FID) by mid-2027, with a target for commercial copper cathode production in 2030, contingent upon necessary approvals and full project financing.

Managing Director Michael Meding stated that the financing reflects lender confidence in the project and the progress made in Argentina over the last two and a half years. He noted that initiatives under President Javier Milei have helped make the country a more attractive destination for large-scale foreign investment. Société Générale served as the sole financial advisor for the debt structuring.