McEwen Mining’s top executive revealed in an interview that the company anticipates finalizing a feasibility study for its Los Azules copper mine in Argentina within two months. This paves the way for the Canadian miner to seek $600 million in financing next year, which is essential for building the necessary infrastructure.

Michael Meding, vice president of McEwen Copper, informed Reuters that the company’s copper division has already invested $300 million in the Andes Mountains project. Ultimately, the project will require approximately $3 billion. McEwen aims to secure 20% of the total investment, or $600 million, as soon as possible in the next year.

By 2030, Los Azules expects to produce between 180,000 and 200,000 metric tons of copper annually. It is one of eight major copper projects hoping to capitalize on the projected surge in copper demand in the coming years. Argentina’s copper deposits remain largely untapped, with no copper production since the closure of the Bajo de la Alumbrera mine in 2018.

Next year, Los Azules plans to expand the on – site encampment, construct roads, and erect electricity lines. Mine construction is scheduled to commence in 2027, with production starting at the end of 2029 or early 2030. According to Meding, the main challenge is not engineering but mobilizing the required funds to progress at the desired pace.

The project hopes that $277 million of the investment will qualify for President Javier Milei’s Incentive Regime for Large Investments (RIGI). McEwen Mining is the largest owner of Los Azules, holding a 46.4% share, followed by Stellantis and Rio Tinto’s Nuton.

McEwen recently announced the production of laboratory – scale cathodes, which Meding deemed an “important test” for the mine’s exclusive cathode production plans. The mine will adopt a heap leach production method, using five – sixths less water than the traditional flotation and concentrate process. Other techniques will also be employed to minimize its environmental impact.

Los Azules is committed to achieving carbon neutrality by 2038 and plans to use renewable energy, primarily solar, from Argentina’s state – owned YPF Luz. Meding emphasized that McEwen is competing with various industries, not just mining, to secure funding, stating, “We need to convince big capital now.”