McEwen Copper Inc is planning an initial public offering in New York or Toronto to finance construction of its Los Azules copper project in Argentina’s San Juan province, according to Bloomberg.
Rob McEwen’s copper venture is preparing to tap public markets to fund one of Argentina’s most closely watched mining projects, as investor optimism builds under President Javier Milei’s market-friendly agenda.
The company is also considering a listing in Buenos Aires—a symbolic nod to growing investor confidence in a country once shunned for its capital controls and economic instability.
The IPO was initially targeted for mid-2025, but that timeline is now uncertain due to slower-than-expected approval of the government’s RIGI program, which offers tax and currency incentives to major investment projects. McEwen told Bloomberg the offering could still happen by year-end if RIGI benefits are secured in time for inclusion in a feasibility study expected by early July.
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Los Azules has drawn interest from global mining giants including Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) and Stellantis NV (NYSE:STLA, EPA:STLA), both of which have made strategic investments. Construction could begin by late 2025, with production starting by decade’s end—timed to meet a forecast global copper shortfall.
'Major milestone'
Kirill Klip, CEO of TNR Gold Corp (TSX-V:TNR, OTC:TRRXF), which holds a royalty interest in Los Azules, called the RIGI designation a “major milestone,” noting it could pave the way for a construction decision later this year.
TNR Gold holds a 0.4% net smelter returns royalty on the project and sees the latest developments as a positive step toward unlocking long-term value.
The TSX Venture-listed company has no funding obligations for the project and is focused on transforming into a cash-flow generating royalty company.
“The new president of Argentina has introduced important government policies aimed at supporting business and unlocking the country’s economic potential,” Klip added.
“Mining in Argentina is being recognized by the government as an integral part of this economic development plan, providing jobs and enriching local communities. The strong team performance of McEwen Copper is advancing the Los Azules project towards a feasibility study.”