McEwen Inc. (NYSE: MUX) (TSX: MUX) announced that its 46.3%-owned portfolio company, McEwen Copper, has appointed Societe Generale as sole financial advisor to structure and arrange project debt financing for construction of the Los Azules copper project in Argentina. The financing package is expected to include a mix of export credit agency support, commercial bank debt, multilateral and development finance institution facilities, and potential capital markets instruments as the project advances toward development. This appointment marks a significant step forward for the Los Azules project, which is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038, according to the press release.
The Los Azules copper project, located in San Juan province, Argentina, is a large, long-life, advanced-stage development project. Its feasibility study results were announced in a press release dated October 7, 2025. McEwen Copper's appointment of a major global financial institution like Societe Generale underscores the project's viability and the company's commitment to securing the necessary funding for construction. The involvement of export credit agencies and multilateral facilities suggests strong international support for a project that aims to meet growing copper demand while minimizing environmental impact.
McEwen Inc. provides its shareholders with exposure to a growing base of gold and silver production in addition to the copper development project. The gold and silver mines are located in prolific mineral-rich regions, including the Cortez Trend in Nevada, the Timmins district of Ontario, Flin Flon in Manitoba, and the Deseado Massif in Santa Cruz province, Argentina. The company is also reactivating its gold-silver El Gallo Mine in Mexico. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). This valuation highlights the strategic importance of the Los Azules project to McEwen's overall portfolio.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc. The appointment of Societe Generale is a key milestone in advancing the Los Azules project, which could significantly enhance McEwen's copper exposure and long-term growth prospects.
