TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced a major development for the Los Azules copper project in Argentina, as McEwen Mining confirmed the approval of the Environmental Impact Assessment (EIA), a significant step toward feasibility, construction, and future operations.
TNR Gold holds a 0.4% net smelter returns royalty (NSR) on the Los Azules copper, gold, and silver project, operated by McEwen Copper Inc., a subsidiary of McEwen Mining.
The project, located in San Juan province, is recognized as one of the top 10 largest undeveloped copper deposits globally.
Los Azules is designed to operate using renewable energy and aims to achieve carbon neutrality by 2038. Its design focuses on minimizing water usage, aligning with international best practices.
With the EIA approval, McEwen Copper plans to release a definitive feasibility study in early 2025, aiming for a potential construction start in 2026.
TNR Gold’s CEO, Kirill Klip, celebrated the achievement. “This advance has moved the Los Azules copper project development closer to the construction decision which can be made as soon as next year after the release of a feasibility study,” the CEO said in a statement.
Klip also pointed to strategic investments from industry leaders Rio Tinto and Stellantis as endorsements of the project’s potential. In 2023, Stellantis invested ARS$72 billion, while Rio Tinto's Nuton invested US$100 million to support the project.
"The green energy revolution relies on the supply of critical metals like copper; delivering 'green copper' to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries,” Klip added.
Los Azules’ updated resource estimates, completed in the 2023-24 drilling season, have validated its geological model and high-grade zones, setting the stage for the upcoming feasibility study.
TNR Gold benefits from its royalty model, which requires no capital contribution for project development.