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McEwen Mining chief owner Rob McEwen at the recent International Metals Symposium in London. Credit: Martina Lang
McEwen, chief owner of McEwen Mining that owns it all says it’s “a prudent time to start looking at where your investment is.”Los Azules is one of the world’s largest undeveloped copper deposits. McEwen’s copper subsidiary owns it, and Rio Tinto and automaker Stellantis have invested around C$300 million.
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.
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