McEwen Mining Shares Jump Following Environmental Permit for Argentina Project

Dow Jones2024-12-03

By Robb M. Stewart

McEwen Mining's shares advanced Tuesday after the miner's copper subsidiary secured an environmental permit for its Los Azules project in Argentina, one of the largest undeveloped copper deposits globally.

In morning trading, the shares were 7.3% higher at C$12.58, widening the year-to-date advance to 32%.

McEwen Copper said it received approval for the copper project's environmental impact statement, a milestone on the way to publishing a feasibility study, construction and future operation.

The company last month secured an additional $35 million investment from a Rio Tinto venture, which now holds a 17% stake in the business and is one of the largest investors after McEwen Mining and carmaker Stellantis.

McEwan expects to publish the definitive feasibility study in the first half of 2025, and anticipates beginning construction as early as 2026.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

December 03, 2024 10:42 ET (15:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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