Codelco and Chuquicamata mine workers reach early wage deal
Chile’s state-run copper miner Codelco and workers at its Chuquicamata mine have reached an early contract agreement, a union leader told Reuters […]
With a personal investment of $225 million on the line, much is at stake for Rob McEwen with the success of McEwen Copper’s flagship Los Azules project in Argentina.
McEwen, chief owner of McEwen Mining (TSX: MUX; NYSE: MUX) that owns it all says it’s “a prudent time to start looking at where your investment is.”
“We may be on the cusp of a commodity supercycle,” he told The Northern Miner’s International Metals Symposium in London on Dec. 1.
Los Azules is one of the world’s largest undeveloped copper deposits. McEwen’s copper subsidiary owns it, and Rio Tinto (ASX, LSE, NYSE: RIO) and automaker Stellantis have invested around C$300 million.
It has 1.2 billion indicated tonnes grading 0.4% total copper for 10.9 billion lb. of contained metal and 4.5 billion inferred tonnes grading 0.31% total copper, for 26.7 billion lb. of metal. Analysts think it retains significant upside potential from over 100,000 metres of recent drilling.
A 2023 economic assessment shows it can produce 180,000 tonnes of copper each year over a 27-year mine life. . It has a three-year payback on $2.5 billion in capital costs. It has also benefited from Argentina’s pro-mining reforms.
McEwen envisions Los Azules as the world’s first regenerative copper mine. It will use solar power, water-efficient heap leaching and no tailings dams to reduce environmental impacts.
The company plans an IPO for next year after conducting a feasibility study and obtaining environmental permits.
Watch the full video below, moderated by TNM Group president Anthony Vaccaro.
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