Operations · San Juan, Argentina
Los Azules
Los Azules is one of the world’s largest undeveloped copper deposits, in San Juan, Argentina
Los Azules Feasibility Study release, Oct 7, 2025; release, Aug 27, 2026.
Gold and silverCopper
San Juan, Argentina
Los Azules holds 10.2 billion pounds of copper reserves and a 21-year mine life
204,800 tonnes of copper a year in the first five years. Cash cost US$1.71 a pound; all-in sustaining cost US$2.11, second quartile. Initial capital is US$3.17 billion. Los Azules lies about 80 km west-northwest of Calingasta and 6 km east of the Chilean border, at about 3,500 metres.
| Category | Tonnes | Grade | Copper |
|---|---|---|---|
| Proven and Probable reserve | 1.02 billion t | 0.45% | 10.2 billion lb |
| Measured and Indicated | 0.97 billion t | 0.26% | 5.4 billion lb |
| Inferred | 4.24 billion t | 0.21% | 20.0 billion lb |
Los Azules Feasibility Study release, Oct 7, 2025. Resources exclusive of reserves. McEwen’s 46.3%: reserve 4,730 million lb, Measured and Indicated 2,547.4 million lb, Inferred 9,260.0 million lb (McEwen’s Reserves and Resources page).
Qualified persons: Channa Kumarage, P.Eng., Vice President, Operations (technical contents, including reserves) and Luke Willis, P.Geo., Director of Resource Modelling (resources), both Qualified Persons as defined by SEC S-K 1300 and NI 43-101 (presentation, Sept 2026, slide 2). Resources are exclusive of reserves. See the cautionary statement.
Pick a copper price to see what Los Azules is worth per MUX share
Value of MUX’s investment in Los Azules
McEwen’s share of Los Azules, per MUX share
- After-tax NPV (8%)
- US$2.9 billion
- IRR
- 19.8%
- Payback
- 3.9 years
- McEwen’s 46.3%
- US$1.4 billion
At the study price, McEwen’s share of Los Azules is worth US$23.06 per MUX share. MUX closed at US$15.40 on Oct 27.
Los Azules Feasibility Study (Oct 2025) after-tax NPV at 8% at each copper price; McEwen’s 46.3% interest per MUX share as published by McEwen (presentation, Sept 2026, slide 18). A project value, not a share price forecast. Copper in Sept 2026: presentation, Sept 2026, slide 7.
It is designed to run on 100% renewable power, with no tailings dam
Heap leach and SX-EW make copper cathode on site. The Feasibility Study puts its carbon emissions 72% lower and its water use 74% lower than conventional copper concentrators.
Stellantis and Nuton, a Rio Tinto venture, own 35.4% of McEwen Copper
Stellantis owns 18.2%; Nuton owns 17.2%.
McEwen fact sheet, Sept 2026; presentation, Sept 2026, slide 16.
- 46.3% McEwen Inc.
- 18.2% Stellantis
- 17.2% Nuton (Rio Tinto)
- 13% Rob McEwen
- 3% Victor Smorgon
- 2.3% Others
A US$240 million term loan closed in August 2026
Sprott lent US$112 million, Rob McEwen US$85 million and others US$43 million. Societe Generale is the financial advisor for the project debt.
A construction decision is expected in mid-2027
A final investment decision and full project financing is expected in mid-2027, with commercial copper cathode production targeted for 2030. The build is planned at 33 months.
release, Aug 27, 2026; presentation, Sept 2026, slide 11. Forward-looking; see the cautionary statement.
Photos: McEwen Inc.