TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced that McEwen Mining Inc’s McEwen Copper subsidiary has provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina.
TNR holds a 0.4% net smelter returns (NSR) royalty on the Los Azules project.
McEwen Copper reported that Los Azules has been approved to participate in Argentina's Large Investment Incentive Regime (RIGI), a key policy instrument to promote strategic initiatives that drive the country's productive development.
The company said the project's inclusion in the RIGI encompasses an investment of US$2.672 billion, consolidating under a single plan the exploration, construction, and operational stages of the copper mining development project located in Calingasta, San Juan Province.
“The RIGI sends a powerful message to international investors: Argentina is open to supporting long-term projects in energy and critical metals," McEwen Mining chairman Rob McEwen said in a statement.
“For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit of global significance."
Los Azules is projected to generate more than US$30 billion in export revenues (based on the Preliminary Economic Assessment base case published in June 2023) and deliver a substantial net inflow of foreign currency to Argentina, while creating significant positive impacts in employment, local development, and tax revenues at both the provincial and national levels, according to the company.
McEwen Copper noted that the feasibility study for Los Azules is on track for completion by the end of October 2025, and the official inclusion of Los Azules in the RIGI has been confirmed.
It added that the project is now positioned to begin construction, subject to detailed engineering and securing financing.
McEwen Copper said it also plans to continue to aggressively explore around Los Azules to potentially extend the size and life of the resource.